Consultation on Insurance Regulations 2021 for updating the Isle of Man's regulatory framework for insurance business
The Isle of Man Financial Services Authority (“the Authority”) has today issued a consultation CP20-04/T17 Insurance Regulations 2021 for updating the Isle of Man's regulatory framework for insurance business.
The consultation is to obtain views in relation to proposed changes to the Insurance Regulations 2018. Notably, the changes include updated requirements for non-long term insurers in respect of regulatory reporting and a revised definition of class 12 insurance business. For all insurers the proposals update and consolidate the requirements for conventional companies, protected cell companies, limited partnerships and incorporated cell companies, which are currently set out in various different regulations. And for insurers and insurance managers the proposals introduce notification requirements in relation to fitness and propriety, and changes in controlling interests.