Feedback sought on insurance regulations and guidance
The Isle of Man Financial Services Authority is inviting feedback on proposed updates to the Insurance Regulations 2025, the Insurance (Fees and Miscellaneous) Regulations 2025 and the Insurance (Special Purpose Vehicle and Corporate Governance) (Amendment) Guidance Notes 2025.
The Authority has published consultation CP24-05, which deals with changes made to proposals contained within the previous consultations: CP24-03 and, insofar as it related to fees, CP24-04.
The revisions include refinements and clarification of some of the wording previously consulted on, updated requirements in respect of class 12 (captive insurers) and class 13 (fully funded insurers), a newly specified regulatory remedy in respect of authorised protected cell company cells and default fees in respect of certain insurers in lieu of the Authority exercising its discretion to vary those fees.
The consultation is relevant to existing Isle of Man authorised insurance special purpose vehicles (ISPVs) or their advisors, insurers subject to an existing form of full funding requirement or their advisors, class 12 insurers or their advisors, other authorised insurers or applicants for authorisation or their respective advisors and registered insurance managers.