Consultation with Officers of the Authority
Prospective applicants are encouraged to contact officers of the Isle of Man Financial Services Authority (“the Authority”) at an early stage to discuss their proposals for establishing and operating a regulated business in the Isle of Man. These discussions enable the Authority’s officers to give applicants any appropriate guidance where it is sought and to identify any foreseeable difficulties connected with the proposed operation.
The Authority has issued guidance for applicants seeking registration as a General Insurance Intermediary, which can be accessed here.
On receipt of the application the Executive the Non Life Insurance Team will process the application. This will include a review of the application form and supporting documents, and, if appropriate, discussion with other regulatory bodies. In addition, for controllers and individual officers, the Authority will have to ensure each individual meets the “fit and proper” criteria. For further information on the vetting process please see the “Vetting Guidance” page of the website.
On completion the Non Life Insurance Team will make a recommendation to the Executive of the Authority as to whether a registration should be granted and detailing any conditions that it may be appropriate to attach to the registration.
If an applicant is aggrieved by a decision of the Authority not to approve a registration or to attach conditions to a registration, it may seek a review by the Financial Services Tribunal.
This Tribunal is set up on an ad hoc basis, and is made up of individuals who are independent of both the Authority and applicant. The Financial Services Tribunal cannot overturn the Authority’s decision but can refer the case back to the Authority for reconsideration based on its findings.
Further details of the procedures of the Financial Services Tribunal can be requested from the Chief Secretary's Office.
Any right of review (e.g. to the Financial Services Tribunal) will be explained to the applicant in the letter communicating the decision of the Board.