New Corporate Governance Code of Practice for Insurers
6th January 2010
A consultative draft of the Corporate Governance Code of Practice for Insurers (the "Code"), which is expected to come into operation on 31 March 2010 and will apply (subject to certain exemptions) to insurers and insurance managers regulated in the Isle of Man, has been made available by the Isle of Man Government Insurance and Pensions Authority.
A number of the obligations imposed by the draft document have to do with legal matters or have a material legal component. (The draft document imposes an obligation on insurers and insurance managers, for example, to identify and assess legal risk, which is described in the draft document as the risk of an adverse impact on an insurer or insurance manager resulting from legal action against it or from hindrances to effective enforcement of its contracts.)
In order to assist those of its clients who will be caught by the provisions of the Code to prepare for the coming into operation of the Code, Cains (through its Insurance and Pensions Unit) will be offering a free phone-in service.
The free phone-in service is intended to assist clients who would like to discuss any matters which they think can sensibly be discussed during the course of a telephone call, as and when any such matters come up.
For more information, please contact Jonathan Latham. |
