Global Vision, Local Wisdom
Global Vision, Local Wisdom
The Isle of Man is changing its valuation and solvency regulations for non-life insurers. This is another milestone on the island’s roadmap for updating its regulatory framework for insurance business.
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The BWCI Group are delighted that the States of Guernsey has approved the Policy Letter introducing Secondary Pensions by such a convincing majority.
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The record low annuity rates seen in September hit the headlines in the financial press recently. While annuity rates generally have been falling for many years, the latest sharp fall in government bond yields since the beginning of 2019 has seen annuity rates drop by well over 10% over the last few months.
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The Guernsey Financial Services Commission (“GFSC”) published draft revised pension rules for consultation in September. The proposed changes clarify the existing requirements as well as reducing the current overlap and duplication of requirements placed on licensed pension providers. A key change is that the conduct of business provisions (covered by chapters 2 to 9 of the current rules) have been absorbed into the new draft Fiduciary Handbook. Some new requirements are also proposed.
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Guernsey, Jersey and the Isle of Man have all recently introduced “economic substance” rules which come into effect for accounting periods commencing on or after 1 January 2019. The rules are in response to an European Union and Organisation for Economic Co-operation and Development (OECD) initiative to increase transparency and to crack down on perceived abuses in certain sectors. The rules apply to all companies which are tax resident in one of the Crown Dependencies.
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