The Isle of Man Financial Services Authority issues consultations on new regulations for insurance business

The Isle of Man Financial Services Authority (“the Authority”) has today issued consultation papers on new Insurance Regulations (CP17-14/T15) which are proposed to apply to all authorised insurers and permit holders and new valuation and solvency regulations (CP17-15/T12) which will apply to all insurers authorised to carry on long-term insurance business. Feedback on the consultations is requested by 16 February 2018.

The Authority has also made available on its website a guidance note on the Principal Control Officer to support new provisions in respect of the Principal Control Officer, which will be brought into effect on 1 February 2018 by the Insurance (Amendment) Act 2017 (Appointed Day) (No.1) Order 2018 (“ADO1”). A Keeling version of the Insurance Act 2008 will shortly be available on the Authority’s website which will highlight all changes coming into effect as a result of ADO1.