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HM Treasury has now published a formal consultation on legislation to implement a new regulatory, corporate and tax framework for insurance linked securities (“ILS”) business in the UK. This latest consultation follows the March 2016 initial consultation which sought feedback on the overall approach that the UK should take to develop a more competitive market for alternative risk transfer (see our blog post UK embraces ILS structures on 4 March 2016). The regime is expected…
HM Treasury has now published a formal consultation in relation a new regulatory, corporate, insolvency and tax framework for insurance linked securities (“ILS”) business in the UK. The Government’s aim is to reinforce London’s standing as the world’s leading insurance market by creating the necessary legal environment to allow the domicile of ILS issuers in the UK. Part of the proposal is to create protected cell companies (“PCCs”), which would be one of the more…