Insurance Intermediary Legislation – December 2020
Following a series of consultations by the Isle of Man Financial Services Authority (‘the Authority’), the following legislation was laid before Tynwald on 17 November 2020 and is due to commence on 31 December 2020:
- Insurance Intermediaries (General Business) Regulations 2020;
- Insurance Intermediaries (Conduct of Business) (General Business) Code 2020;
- Insurance Intermediaries (Corporate Governance) (General Business) Code 2020;
- Insurance Intermediaries (Restriction on Advertising) Regulations 2020; and
- Insurance (Amendment) Act 2017 (Appointed Day) (No.3) Order 2020.
The legislation forms part of the Authority’s regulatory development work as outlined in the Roadmap for updating the Isle of Man’s regulatory framework for insurance business.
The new legislation can be found on the Authority’s Legislation & Guidance webpages.