The Risk Transformation Regulation 2017 which introduces the legislative framework for the creation of an Insurance Linked Securities (ILS) market in the UK has now come into effect.

The aim of the new regime is to ensure that the UK can be a major contributor to the growth and development of the global ILS market. We reported on the draft legislation in a previous blog post.

The Risk Transformation (Tax) Regulation 2017 will come into effect on 15 December 2017, three days after it was made.