Consultation outcome

Distributable profits of long-term (life) insurers

From:

HM Treasury

Published:

25 October 2016

Last updated:

9 December 2016

Show all updates

9 December 2016
Updated with consultation summary.
26 October 2016
Amended: Question 4a referenced the wrong section in the draft regulations. This has now been changed.
25 October 2016
First published.

Detail of outcome

The government would like to thank stakeholders for their responses to this consultation.

Given the overwhelming feedback stating an updated framework for distributions of insurance companies should be in place before the end of 2016, the statutory instrument effecting the changes has been made and was laid before Parliament on 8 December.

Original consultation

Summary

Seeking views on technical changes to the legal definition of life insurers’ distributable profits.

This consultation ran from
3:30pm on 25 October 2016 to 11:59pm on 15 November 2016

Consultation description

This consultation seeks views on technical changes to the legal definition of life insurers’ distributable profits. This definition affects how life insurers’ calculate the profits available for distribution to their shareholders.

The changes are needed to update the law in order to reflect changes to the regulation of life insurers.

This issue will be of interest to relevant specialists in the life insurance industry, investors in life insurers, and their advisers.

Documents