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Unable to find any Consultations with a open status.
FSA Consultations issued since 1 January 2017 are listed below. Pre-2017 consultations can be viewed in our archive.
If using the Consultation search facility below, please note the 'Start Date' is the date the consultation started.
Open FSA consultations can be found on the Isle of Man Government’s Consultation Hub here.
Closed FSA consultations can be found on the Isle of Man Government’s Consultation Hub here.
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This Consultation Paper is issued by the Isle of Man Financial Services Authority, which is the regulatory body for financial services in the Isle of Man. This consultation revises and follows on from consultation:
The purpose of this consultation is to obtain views and evidence in relation to the Authority’s revised proposals in respect of the Insurance Regulations 2024 (now 2025), and consequential (and other) amendments to fee and solvency regulations, and binding guidance notes.
The consultation deals with changes made to proposals contained within the previous consultations: CP24-03 and, insofar as it related to fees, CP24-04. The changes include refinements and clarification of some of the wording previously consulted on, updated requirements in respect of class 12 (captive insurers) and class 13 (fully funded insurers), a newly specified regulatory remedy in respect of authorised protected cell company cells and default fees in respect of certain insurers in lieu of the Authority exercising its discretion to vary those fees.
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This Call for Input ('CfI') is issued by the Isle of Man Financial Services Authority ('the Authority'), which is the regulatory and AML/CFT oversight body for financial services and designated businesses in the Isle of Man ('the Island').
The Authority is issuing this CfI through the Isle of Man Government’s Engagement Hub ('Engagement Hub') for the purpose of obtaining information on the prevalence and provision of Family Office type services being offered by way of business in or from the Island.
The primary objective of this CfI is to establish a clearer picture of the number of Family Office type services which are managed in or from the Island and also the extent of the activities, including whether such offices are operating by way of business.
As part of its long term AML/CFT effectiveness programme, the Island is undertaking a revised National Risk Assessment ('NRA') and to support this the Authority will be leading on the production of a number of sectoral and topical risk assessments that will feed into the updated NRA. The CfI will seek to gather data required to help formulate a picture of Family Office type services being offered by way of business in or from the Island. The data collected will feed into a standalone Legal Persons / Legal Arrangements risk assessment, drawing out the associated risks, and ensuring the Island can continue to improve AML/CFT effectiveness whilst also continuing to meet international standards.
In addition to gaining information on the number and extent of Family Office type services managed in, or from, the Island, the Authority is also seeking feedback from interested parties in relation to potential options for how these types of arrangements might be treated in the future. Following this initial CfI, further research will be conducted in relation to the available options and this will form the content of a further Consultation Paper or Discussion Paper at the appropriate time.
This CfI is relevant to persons who may be offering Family Office type services in or from the Island by way of business. It is also relevant to persons carrying on regulated activity under the Financial Services Act 2008 ('FSA08').
This CfI has been published on the Authority’s website. It has also been published on the Engagement Hub (this site) where you can give your responses by clicking on the ‘Online Survey’ link below. Alternatively, you can download a paper version of this CfI in the 'Related' section below.
Responses made outside of the ‘Online Survey’ can be submitted by email to aml@iomfsa.im and, if in an attachment, preferably in an extractible format, e.g. Microsoft Word document. Alternatively, you can submit responses by post to:
Miss Lucy Hendy - Senior Manager
AML/CFT Supervision Division
Isle of Man Financial Services Authority
PO Box 58,
Finch Hill House,
Bucks Road,
Douglas,
Isle of Man,
IM99 1DT
If you have a query in relation to how the CfI process has been carried out, please contact the AML/CFT Division by email at aml@iomfsa.im or by telephone on +44 1624 646000.
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Consultation CP24-04 is requesting feedback on the draft Insurance (Fees and Solvency) (Amendment) Regulations 2024 which updates:
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The purpose of the consultation is to obtain views in relation to the Authority’s proposals to update and integrate the Insurance Regulations 2021 with simplified elements of the Insurance (Special Purpose Vehicles) Regulations 2015 and Guidance Notes for Insurance Special Purpose Vehicles into a combined single document: the Insurance Regulations 2024. The consultation also includes additional proposals relating to fast-track authorisation, regulatory sandboxing and potential restrictions on activities undertaken alongside regulated insurance activities.
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This Consultation Paper (‘the Paper’) is issued by the Isle of Man Financial Services Authority (‘the Authority’) in conjunction with the Department of Home Affairs (‘DHA’). The Authority is the regulatory body for financial services in the Isle of Man and the oversight body for Designated Businesses (‘Designated Business’) in relation to compliance with Anti-Money Laundering (‘AML’) and Countering the Financing of Terrorism (‘CFT’) obligations.
The purpose of the consultation is to obtain views regarding the proposed introduction of a new code: the Travel Rule (Transfer of Virtual Assets) Code (‘the Code’). The primary objective of the Code is to implement the expanded scope of the Financial Action Task Force’s (‘FATF’) Recommendation 16* to ensure the Island’s continued compliance with international standards.
The contents of this Paper are of importance to the Regulated and Designated Business sectors with specific relevance to entities engaged in Virtual Asset Trading and wider Virtual Asset Service Provider (‘VASP’) activity. Prior to this consultation being issued, the Authority sought feedback from relevant stakeholders which has been considered as part of the pre-consultation process.
The current term used for this sector on the Island is Convertible Virtual Currency (‘CVC’) activity. This term was adopted in 2015 prior to the wider development of international frameworks, which included standardised terminology. The terms ‘virtual-assets’ or ‘VASPs’ and ‘crypto assets’ or ‘CASPs’ have become more widely used and are terms used in many sectoral and regulatory proposals. For the purposes of this Paper the Authority will use the terms ‘virtual-assets’ or ‘VASPs'**, unless context indicates otherwise.
*FATF Methodology for assessing technical compliance with the recommendations.
**See consultation Designated Businesses (Amendment) Order 2024 and Proceeds of Crime (Business in the Regulated Sector) Order 2024 – where it is proposed that the sector terminology is updated across the Island’s AML/CFT framework from CVC to VASP.
The information you send may be published in full or in a summary of responses. All information in responses, including personal data, may be subject to publication or disclosure in accordance with the access to information regimes (these are primarily the Freedom of Information Act 2015 and the Data Protection Act 2018) with which the Authority is obliged to comply.
The Authority is registered with the Information Commissioner as a data controller under Isle of Man data protection legislation. It collects and processes personal data to carry out its functions under relevant legislation and may share personal data with other parties where there is a legal basis for doing so. Further information on how the Authority collects and processes personal data can be found in the Privacy Policy on the Authority’s website.
If you have a query in relation to how this consultation has been carried out, please contact the Authority’s AML/CFT Division by email at aml@iomfsa.im or by telephone on +44 1624 646000.
This Consultation Paper has been published on the Authority's website and on the Isle of Man Government's Engagement Hub ('the hub' - this site). A list of specific representative groups to which this Consultation Paper has been sent is shown below:
The closing date for comments is 15 April 2024.
Before you respond, please ensure that you have read the Consultation Paper. You can respond to this Consultation Paper online by clicking on the 'Online Survey' link below. Responses made outside of the ‘Online Survey’ can be submitted by email to aml@iomfsa.im and, if in an attachment, preferably in an extractible format e.g. Microsoft Word document. Alternatively, you can submit responses by post to:
Ashley Whyte – Senior Manager, AML/CFT Division
Isle of Man Financial Services Authority
PO Box 58,
Finch Hill House,
Bucks Road,
Douglas,
Isle of Man,
IM99 1DT
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This Consultation Paper (‘the Paper’) is issued by the Isle of Man Financial Services Authority (‘the Authority’) in conjunction with the Department of Home Affairs (‘DHA’) and the Isle of Man Treasury. The Authority is the regulatory body for financial services in the Isle of Man, and the oversight body for Designated Businesses (‘Designated Businesses’) in relation to compliance with Anti-Money Laundering (‘AML’) and Countering the Financing of Terrorism (‘CFT’) obligations.
The purpose of the consultation is to obtain views regarding the proposed amendments to Schedule 1 (‘Schedule 1’) to the Designated Businesses (Registration and Oversight) Act 2015 (‘DBROA15’) and to Schedule 4 (‘Schedule 4’) to the Proceeds of Crime Act 2008 (‘POCA08’). The purpose of these amendments is to ensure there is consistency between both Schedule 1 and Schedule 4 and to improve usability of both schedules, as well as bringing the terminology in line with international standards where required.
There is only one scope change whereby Schedule 1 to the DBROA15 includes the proposed addition of a new designated business activity ‘Administering or managing money on behalf of another person’. This may bring new businesses into scope of the DBROA15. If you believe your business will be affected by this proposed change please contact the Authority at your earliest convenience to discuss this further.
The content of this Paper is relevant to all regulated entities and Designated Businesses. Additionally, the sections relating to Schedule 4 to the POCA08 may also be relevant to all persons supervised in relation to AML/CFT by the Isle of Man Gambling Supervision Commission (‘GSC’).
It is pertinent to mention that further amendments in respect of Schedule 1 to the DBROA15 are being proposed as part of the Financial Services (Miscellaneous Provisions) Bill, which is currently being drafted. These additional amendment proposals will be consulted upon separately and will not in any way form part of this consultation.
The information you send may be published in full or in a summary of responses. All information in responses, including personal data, may be subject to publication or disclosure in accordance with the access to information regimes (these are primarily the Freedom of Information Act 2015 and the Data Protection Act 2018) with which the Authority is obliged to comply.
The Authority is registered with the Information Commissioner as a data controller under Isle of Man data protection legislation. It collects and processes personal data to carry out its functions under relevant legislation and may share personal data with other parties where there is a legal basis for doing so. Further information on how the Authority collects and processes personal data can be found in the Privacy Policy on the Authority’s website.
If you have a query in relation to how this consultation has been carried out, please contact the Authority’s AML/CFT Division by email at aml@iomfsa.im or by telephone on +44 1624 646000.
This Consultation Paper has been published on the Authority's website and on the Isle of Man Government's Engagement Hub ('the hub' - this site). A list of specific representative groups to which this Consultation Paper has been sent is shown below:
The closing date for comments is 15 April 2024.
Before you respond, please ensure that you have read the Consultation Paper. You can respond to this Consultation Paper online by clicking on the 'Online Survey' link below. Responses made outside of the ‘Online Survey’ can be submitted by email to aml@iomfsa.im and, if in an attachment, preferably in an extractible format e.g. Microsoft Word document. Alternatively, you can submit responses by post to:
Ashley Whyte – Senior Manager, AML/CFT Division
Isle of Man Financial Services Authority
PO Box 58,
Finch Hill House,
Bucks Road,
Douglas,
Isle of Man,
IM99 1DT
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The purpose of this Discussion Paper is to seek views on the current approach to the oversight of certain crypto-asset activities for anti-money laundering and countering the financing of terrorism (‘AML/CFT’) purposes, the desirability (or not) of regulation, the potential approaches to regulation and how the cost of regulation should be funded.
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This consultation proposes revisions to the Depositors’ Compensation Scheme, including legislation to enable data on individual deposits to be gathered via a Single Customer View mechanism.
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It proposes legislation under the Companies Acts of 1982 and 2006 to require predecessor auditors to share audit working papers with successor auditors.
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Further to the related news release (Feedback sought on fees legislation) on 18 October 2022, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper on the Fees Orders and Regulations for 2023 (CP22-05).
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Further to the related Press Release (Feedback sought on proposed new funding model) on 12 May 2022, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper on the proposed new funding model from 1 April 2023 (CP22-04).
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The purpose of the consultation is to obtain views and evidence in relation to the making of regulations in respect of discretionary civil penalties on entities regulated under the Insurance Act 2008.
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The Authority is currently considering the issue of innovation linked to crypto-assets, which is outside of the regulatory remit at this time, and what this means for various stakeholders including the Isle of Man Government, regulators, businesses and consumers.
The purpose of this request is to develop our knowledge by seeking information and opinion from a wide range of interested parties on the implications of innovation in connection with certain activities that are currently not regulated.
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The purpose of the consultation is to obtain views on a proposed levy to fund the operational costs of the Resolution Authority. The consultation is particularly relevant to banks operating in the Island (other than Class 1(3) licence-holders, which are outside the scope).
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The Authority intends to broaden the scope of contraventions and offences for which a civil penalty can be considered, including those where currently only criminal sanctions are available.
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The Isle of Man Financial Services Authority has today issued a Consultation Paper (CP21-07) on proposed amendments to the exceptions from restrictions on disclosure of information to the Assessor of Income Tax.
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The purpose of the consultation is to obtain views on a proposed change to the Financial Services Tribunal Rules 2015 (‘the FST Rules’). The consultation is particularly relevant to persons that may appeal against decisions of the Isle of Man Financial Services Authority under the FST Rules.
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This Consultation Paper is about the recovery by the Financial Services Authority, of its operational expenses for bank resolution activities, by means of an annual levy on the banking industry.
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The consultation is to obtain views in relation to proposed amendments to the Insurance (Long-Term Business Valuation and Solvency) Regulations 2021. The amendments update the Insurance (Long-Term Business Valuation and Solvency) Regulations 2018 in light of the UK’s withdrawal from the EU and the anticipated launch of the Insurance (Non Long-Term Business Valuation and Solvency) Regulations 2021 in June 2021.
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Further to the related Press Release on 15 October 2020, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Discussion Paper on Funding Financial Regulation and Designated Business Oversight (DP20-01/T14).
The Discussion Paper can be accessed below either as an Online Survey or as a downloadable PDF document under 'Related'.
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The purpose of the consultation is to obtain views in relation to the proposed replacement of the Insurance (Conduct of Business)(Long-Term Business) Code 2018 with the Insurance (Conduct of Business)(Long-Term Business) Code 2021 which includes amendments to the exemptions within the code.
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The consultation is to obtain views in relation to proposed changes to the Insurance Regulations 2018. Notably, the changes include updated requirements for non-long term insurers in respect of regulatory reporting and a revised definition of class 12 insurance business. For all insurers the proposals update and consolidate the requirements for conventional companies, protected cell companies, limited partnerships and incorporated cell companies, which are currently set out in various different regulations. And for insurers and insurance managers the proposals introduce notification requirements in relation to fitness and propriety, and changes in controlling interests.
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Further to the related Press Release on 15 October 2020, the Isle of Man Financial Services Authority (‘the Authority’) has today issued a Consultation Paper (CP20-03/T14) on proposed changes to fees payable to the Authority from 1 April 2021 and 1 April 2022.
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A proposal to make an Order that will increase the limit for savings in a credit union.
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The consultation is to obtain views in relation to proposed minimum capital requirements for PCCs and ICCs under the new valuation and solvency regime for non long-term business.
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Enhanced requirements for general insurance intermediaries.
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The purpose of the consultation is to obtain views and evidence in relation to proposed changes to the current Corporate Governance Code of Practice for Commercial Insurers (which came into operation on 1 January 2019), including extending the proposed amended code on a proportionate basis to all Isle of Man authorised insurers.
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The Isle of Man Financial Services Authority has today issued Consultation Paper CP19-07/T14 on proposed changes to fees payable to the Authority from 1 April 2020.
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There is currently a disparity in regulation between the insurance authorisation application processes of conventional companies as compared to Protected Cell Companies (PCCs) and Limited Partnerships (LPs). The disparity being that as a result of previous updates to legislation conventional company applicants do not need to obtain certain auditor confirmations in respect of their application business plan, whilst in the absence of similar updates PCCs and LP applicants do need to obtain auditor confirmations.
The Authority considers it appropriate to address this anomaly in treatment in respect of PCCs and LPs.
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This discussion paper seeks views on amendments proposed to primary legislation via a Financial Services (Amendments) Bill.
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The consultation concerns the Authority’s proposals to update the capital framework for non-life insurers.
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The consultation concerns the Authority’s proposals to amend the criteria by which an insurer might qualify for a reduced or simplified level of regulation under class 12 authorisation.
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A proposal to make an Order that will permit credit unions to issue deferred shares.
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This consultation sets out the proposed Anti-Money Laundering and Countering the Financing of Terrorism (Specified Non-Profit Organisations) Code.
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The consultation sets out the proposed changes to the Island’s AML/CFT framework. The documents being consulted on are:
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This discussion paper looks at the prospective development of a regulatory framework in the Isle of Man for the disclosure of information about Isle of Man insurers to support their stakeholders (for example policyholders, lenders and creditors) in making relevant decisions about those insurers.
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This consultation sets out proposed requirements for insurance groups for which the Authority anticipates acting as Group Supervisor.
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This consultation sets out proposed new requirements in the area of corporate governance for general insurance intermediaries.
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The Isle of Man Financial Services Authority has issued Consultation CP18-09/T14 on proposed changes to fees payable to the Authority from 1 April 2019.
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The Isle of Man Financial Services Authority has today issued Consultation Paper CP18-06/T03 on the new regulatory regime for credit unions and amendment to the existing loan interest rate.
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The Isle of Man Financial Services Authority has issued a consultation paper CP18-05/T17. This paper is seeking views on the introduction of civil penalties for some contraventions of the Beneficial Ownership Act 2017, and invites interested parties to consider the draft Regulations set out within the paper.
The proposals may be of interest to relevant persons under the Act, especially nominated officers and the Authority welcomes feedback from interested parties.
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The Isle of Man Financial Service Authority (“Authority”) has today issued a consultation paper, CP18-03/T04, which sets out the Authority’s current thinking in respect of the assessment of the capital adequacy of insurers and reinsurers undertaking non-life insurance business, including the valuation of the assets and liabilities for solvency purposes. Together with the accompanying Technical Specifications it sets out the approach which the Authority requires Isle of Man non-life insurers and reinsurers to test in the fifth Quantitative Impact Study (QIS5).
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The Isle of Man Financial Services Authority has issued a consultation paper CP18-04/T16. This paper is seeking views on the possible expansion of Class 6 Regulated Activity (crowdfunding platforms) to include limited secondary trading facilities. The proposals may be of interest to all regulated entities, potential crowdfunders, professional advisors as well as the general public, being potential consumers of investment-based crowdfunding platforms. The Authority welcomes feedback from interested parties.
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Consultation Paper CP18-02/T08 sets out the Financial Services Authority’s proposals in relation to the current exemptions from registration as an insurance intermediary on the Isle of Man (‘IOM’) and the allowances for insurance intermediaries providing services on a cross border basis into the IOM from another jurisdiction.
In particular, it sets out the Authority’s proposals in relation to the exemption for insurance sold alongside other goods or services by a business that is not a registered as an insurance intermediary and in relation to overseas intermediaries providing services on a cross border basis.
It builds on the previous discussion paper (DP16-07) issued in October 2016 and the survey for businesses selling insurance alongside other goods and services which was carried out earlier this year.
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The Isle of Man Financial Services Authority has today issued a Discussion Paper DP18-02/T15. This paper is seeking views on proposals to enhance the regulatory framework for pension schemes and pension providers.
This Discussion Paper will be of particular interest to persons who act by way of business as a trustee and/or an administrator of retirement benefits schemes registered under the Retirement Benefits Schemes Act 2000. The Authority welcomes feedback from all interested parties.
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The Isle of Man Financial Services Authority has today issued a consultation paper CP18-01/T12. This paper is seeking views on changes to the process for the assessment of individuals’ fitness and propriety in respect of all regulated entities. The paper also includes a formal consultation on resulting amendments to the Financial Services Rule Book 2016. The proposals are applicable to all regulated entities and the Authority welcomes feedback from interested parties.
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This survey is for businesses that are not registered with the Financial Services Authority (FSA).
Many businesses sell insurance alongside their principal goods or services (ancillary insurance). This activity is not currently regulated by the FSA because there is an exemption in legislation.
The FSA is reviewing this exemption to consider whether it remains current and consistent with international standards. If this exemption was removed, those businesses arranging ancillary insurance alongside their principal business activity would be required to register with the FSA.
The discussion paper below sets out additional background information in relation to ancillary insurance and on the FSA's project to update the IOM's regulatory framework for insurance business.
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Consultation paper CP17-14/T15 concerns new Insurance Regulations which will apply to all authorised insurers and permit holders. The Insurance Regulations 2018 will replace the Insurance Regulations 1986 and the Insurance (Supplementary Information) Regulations 2016.
The main purpose of the new regulations is to set out new and updated regulatory reporting requirements for all insurers authorised to carry on long-term insurance business in or from the Island, and regulatory reporting forms comprising the Regulatory Electronic Returns are therefore also attached to the consultation paper.
In addition, a number of incidental changes have been made where necessary to reflect developments since the Insurance Regulations 1986 were made.
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Consultation paper CP17-15/T12 sets out new valuation and solvency regulations for insurers authorised to carry on long-term insurance business. The Insurance (Long-Term Business Valuation and Solvency) Regulations 2018 will replace the Insurance (Valuation of Long Term Liabilities) Regulations 2007.
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CP17-11/T01 sets out the Authority’s views on developing the Island’s existing regulatory framework to enhance the fair treatment of policyholders in relation to non-long term insurers through the issue of the draft Insurance (Conduct of Business) (Non-long Term Insurance) Code 2017 (“the Code”).
The Code brings together the Authority’s work in this area and places conduct of business requirements on authorised insurers effecting non-long term contracts of insurance with third parties.
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The Isle of Man Financial Services Authority has today published a Consultation Response (CR18-01/T14) following its recent consultation on proposed changes to regulatory fees from 1 April 2018. The response document provides a summary of responses to the consultation and outlines changes made and next steps. Subject to Treasury concurrence and consideration by Tynwald, the following legislation will commence on 1 April 2018:
The consultation response is relevant to all persons that are licensed, authorised or registered under the Financial Services Act 2008, Insurance Act 2008, Retirement Benefits Schemes Act 2000 or that have responsibility for collective investment schemes under the Collective Investment Schemes Act 2008. It is also relevant to advisers to those persons, or potential applicants for those permissions or their advisers.
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The Isle of Man Financial Services Authority has today issued a consultation paper CP17-12/T13 in respect of proposed group supervision requirements for life insurance companies which belong to groups of which the Authority anticipates being the Group Supervisor. Although the paper is directly applicable to those companies, it may also be of general interest to all insurance companies which belong to groups and feedback is welcomed from any interested parties.
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The Isle of Man Financial Services Authority has today issued a consultation paper CP17-10/T11 in respect of the corporate governance of insurance companies. The paper sets out the Authority’s proposals to update its existing Corporate Governance Code of Practice for Regulated Insurance Entities (“CGC”) which was issued in 2010. The proposed updates are applicable to all insurers and the Authority welcomes feedback from interested parties.
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The Isle of Man Financial Services Authority (“Authority”) has today issued a consultation paper, CP17-08/T09, which sets out the Authority’s current thinking in respect of the assessment of the capital adequacy of insurers and reinsurers undertaking non-life insurance business, including the valuation of the assets and liabilities for solvency purposes. Together with the accompanying Technical Specifications it sets out the approach which the Authority requires the Isle of Man’s non-life insurers and reinsurers to test in the fourth Quantitative Impact Study (QIS4).
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The Isle of Man Financial Services Authority has today issued a consultation paper, CP17-07/T08, in respect of general insurance intermediation business. The paper builds on the feedback received in response to the Authority’s initial discussion paper on the work stream established to review developments in the supervision of general insurance intermediaries ('DP16-07'), and sets out in more detail proposals for changes to the Authority’s regulatory framework for general insurance intermediaries, including draft binding guidance and draft Regulations for further consideration.
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The Isle of Man Financial Services Authority has today issued a Consultation Paper (CP17-09/T10) to obtain views in relation to draft amendments to the Regulated Activities Order 2011 and the Financial Services (Exemptions) Regulations 2011.
This consultation paper will be of particular interest to —
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To obtain views in relation to three draft orders which amend the exceptions from restrictions on disclosure of information under:
The proposed changes to the Insurance Act 2008 will also apply to the Retirement Benefits Schemes Act 2000 by virtue of section 43 of the latter Act.
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The Authority has prepared a draft Guidance Note entitled ‘Governance of Collective Investment Schemes’ (‘Draft Guidance Note’), to assist members of governing bodies in performing their duties responsibly and within the laws of the Isle of Man. The Draft Guidance Note has been developed with reference to guidance issued by other jurisdictions and the Authority’s experience in supervising the Isle of Man’s funds sector. A copy of the Draft Guidance Note is attached to this Discussion Paper in Appendix B.
By way of example, IOSCO defines collective investment schemes governance as a “framework for the organisation and operation of a CIS that seeks to ensure that CIS are organised and operated efficiently and exclusively in the interest of their investors”. This illustrates that the govering body of a CIS therefore plays a key role in ensuring the interests of investors are upheld. The principles and recommendations detailed within the Draft Guidance Note are intended to promote strong and effective governance amongst those who act or intend to act as members of a governing body to CISs.
The Draft Guidance Note is neither exhaustive, nor prescriptive. It is the responsibility of the governing body to identify the most appropriate governance framework for the scheme.
Guidance is, by its nature, not law, however it is persuasive. Where a person follows guidance this would tend to indicate compliance with legislative provisions.
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This paper sets out the timescales for the fourth Quantitative Impact Study (“QIS4”) exercise for life insurers and reinsurers, describes changes to the Standard Formula being tested in QIS4 compared with that for QIS3, and provides additional guidance on some aspects of the calculation in order to promote consistency of approach across respondents.
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CP17-05/T06 provides for consultation on the Draft Insurance (Conduct of Business) (Long Term Business) Code 2017 (“the Code”).
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Closed-ended investment companies and other matters
This consultation is relevant to persons providing services to collective investment schemes, as well as to corporate service providers that provide services to closed-ended investment companies.
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In early 2015 a high level consultation was issued that outlined proposals to address perceived deficiencies in the Credit Unions Act 1993 (‘CUA’) and to develop a framework for regulating credit unions. Responses to the consultation evidenced considerable support for changes to the CUA that would facilitate credit unions in the IoM and so research began for drafting a Credit Unions (Amendment) Bill (‘Bill’). Simultaneously, work was under way to establish the IoM’s first credit union and this was incorporated in August 2016.
The point has now been reached where the Authority can consult on the Bill, which is at Appendix B to this paper. A Keeling Schedule (which shows the CUA as it would be following the changes proposed by the Bill) forms Appendix C to this paper (in a separate document).
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In June 2013 the Insurance and Pensions Authority ('IPA') published its Roadmap for updating the Isle of Man’s regulatory framework for insurance business ('the Roadmap') and through that document set out the objective to establish a project to enhance the Island’s regulatory framework to ensure that it remains up to date, proportionate and, where appropriate, consistent with the updated and revised Insurance Core Principles ('ICPs') issued by the International Association of Insurance Supervisors ('IAIS'). Since its issue the Roadmap has been updated annually to reflect progress made across the various work streams established under the project.
A key element of the developments proposed within the Roadmap is the enhancement of requirements in matters related to conduct of business. This consultation builds on the feedback received in response to DP14-052 in relation to the Authority’s proposals to enhance existing conduct of business requirements for non-life insurers. Proposals to enhance existing conduct of business requirements for long-term insurers have been consulted upon in CP15-02 and CP16-03.