The Financial Services Commission ("FSC") has issued a consultation paper on 16 August 2021 proposing to establish a regulatory framework for Insurance Wrappers, as announced in the National Budget 2020-2021.
The FSC is proposing to introduce this new product within the Insurance Act 2005 as a fifth class of long term insurance business, and to use the term Structured Investment-Linked Insurance Business ("SILIB") instead of the term Insurance Wrapper. More information can be found on the full consultation paper HERE.
Any feedback, comments and suggestion in relation to the regulatory framework proposed in this Consultation Paper can be sent on the following email address: email@example.com by 16 September 2021.
You may access the full FSC communique HERE.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.