Insurance Conduct of Business (Long Term Business) – consultation paper
The Isle of Man Financial Services Authority (“Authority”) has today issued consultation paper CP17-05/T06 which provides for consultation on the Draft Insurance (Conduct of Business) (Long Term Business) Code 2017 (“the Code”).
The Code forms part of the Authority’s regulatory development work outlined in the “Roadmap for updating the Isle of Man’s regulatory framework for insurance business” through which the Authority proposes to introduce more detailed conduct of business requirements to complement the Island’s existing regulatory framework, in order that it remains up to date, appropriate to the characteristics of the Island’s insurance sector, and consistent with international market developments and standards. The Code has been refined, as a result of the consultation feedback, and a revised draft of the Code, together with associated guidance, is now issued for further final consultation.
The Authority invites comments on the consultation paper and draft Code by 16th June 2017.
Further information and a copy of the paper can be found here.