January 2018 Roadmap for updating the Isle of Man’s regulatory framework for insurance business and implementation of provisions of the Insurance (Amendment) Act 2017

The Isle of Man Financial Services Authority (“the Authority”) has today issued its January 2018 Roadmap for updating the Isle of Man's regulatory framework for insurance business.

The Roadmap was first issued in June 2013 to provide an overview of a significant update to the Isle of Man's insurance regulatory framework which is consistent with the Authority’s aims of ensuring that the Island has a proportionate and robust regime for the regulation and supervision of insurance business, as reflected in developments in relevant international standards.

The Authority is now pleased to issue the January 2018 Roadmap, which provides regulated entities and other relevant stakeholders with information on progress over the past six months and looks ahead to significant work streams over the forthcoming year.

A copy of the Roadmap can be found here.

With effect from 1 February 2018, a small number of provisions of the Insurance (Amendment) Act 2017 will also come into effect. These are highlighted in a reading copy of the Insurance Act 2008 which can be found here. Further provisions of the Amendment Act will come into effect mid-2018.

As a consequence of the above, the Insurance Regulations 1986 and the Insurance Intermediary (General Business) Regulations 1999 have also been amended to remove the notification forms contained in Schedules 2 and 1 respectively. A replacement form for authorised insurers, permit holders and insurance managers can be found here and a replacement form for registered insurance intermediaries can be found here.