HM Treasury has published for public comment the following Regulations that will implement the new regulatory and tax framework for insurance special purpose vehicles (ISPVs), also known as insurance linked securities vehicles: the Risk Transformation Regulations 2017 (pdf) and Risk Transformation (Tax) Regulations 2017 (pdf). The Regulations are accompanied by a consultation paper: see here (pdf).
HM Treasury have decided, following an earlier consultation, that a protected cell company structure should be provided for multi-arrangement ISPVs. The duties of directors of protected cell companies will be the same as for other directors under the Companies Act 2006. The incorporation and registration of protected cell companies will be the responsibility of the Financial Conduct Authority.
The Treasury's consultation is taking place at the same time as a consultation on the authorisation and supervision of ISPVs by the Prudential Regulation Authority and Financial Conduct Authority: see their joint consultation paper here (pdf). This paper contains, amongst other things, a draft PRA supervisory statement and proposed amendments to the PRA Rulebook.