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.
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.