Updated regulations aim to enhance competitiveness of insurance sector
The Isle of Man Financial Services Authority has introduced a series of changes aimed at enhancing the competitiveness of the Island’s insurance sector, especially in relation to captive insurers and insurance special purpose vehicles.
Updated insurance regulations, which came into effect on Monday 30 June 2025, also include new enabling provisions to support fast-track authorisations and insurance regulatory sandboxing.
The intention is to support the Authority’s ability to be proportionate and adaptable in the delivery of its remit in a competitive international insurance business environment.
The Authority has made the:
and issued the:
The amended regulations and binding guidance notes follow the public consultations CP24-03 (3 Apr 2024 to 17 May 2024) and CP24-05 (13 Dec 2024 to 7 Feb 2025).
The Authority has also issued a feedback statement responding to consultation CP24-05 (Insurance Regulations 2025, Insurance (Fees and Miscellaneous) (Amendment) Regulations 2025 and Insurance (Special Purpose Vehicle and Corporate Governance) (Amendment) Guidance Notes 2025 - Cabinet Office of the Isle of Man Government - Citizen Space).