On the 30th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Following approval of this, the Law Officers and the Commission, with the assistance of members of industry, have now produced an Ordinance amending the Insurance Business Law (the “Ordinance”).
The Commission is now asking for feedback before 5pm Friday 18th December 2020 specifically on whether the proposed amendments to the Insurance Business Law have any unintended consequences or fatal flaws. They are not, however, seeking extensive responses in relation to matters of policy or direction in relation to the amendments to the Insurance Business Law as the Ordinance policy has already been set.
The engagement paper is available here and a copy of the amended Insurance Business Law (in mark-up) is available here. Responses are invited from the financial services industry.
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