Survey for businesses selling insurance alongside other goods and services

The Isle of Man Financial Services Authority (“the Authority”) has today issued a discussion paper and survey for businesses that sell insurance alongside other goods and services (DP18-01/T08). The survey is not targeted at businesses that are registered with the Authority as insurance intermediaries.

The survey has been prepared as part of the General Insurance Intermediation work stream of the ICP Project. It will enable the Authority to review the businesses that are currently taking advantage of an exemption within the Insurance Intermediaries (General Business) Regulations 1999, as amended. This exemption allows persons arranging insurance that covers the risk of loss or damage to goods or services provided by that person, where the principle business is not that of an insurance intermediary to carry on insurance intermediation without being registered with the Authority. The results of the survey will inform the Authority’s views in relation to whether the risks posed by these businesses warrants them to be registered for the insurance intermediation undertaken. Feedback is requested by 28 February 2018.