IoM in 2nd consultation on proposed changes to Insurance Act
The Isle of Man’s Financial Services Authority has released its second consultation on proposed changes to the island’s 2008 Insurance Act, which it says are needed “to take account of developments in international insurance regulatory standards”.
The latest consultation takes into account responses to its first consultation, which was carried out in the last quarter of 2015, and which, like it, is part of the island’s so-called “Roadmap” for “significantly updating” its insurance industry framework, which was first published in 2013, and which has been annually updated ever since.
An online explanation of the Insurance (Amendment) Bill 2016, which the 248-page consultation covers, is “relevant” to a range of Isle of Man insurance industry business types, including “all existing or prospective authorised or permitted insurers; registered insurance managers; and registered general insurance intermediaries”.
It is also relevant “to service providers to the island’s insurance sector, such as auditors, law firms, banks and investment managers, and may be of interest to any person or organisation wishing to understand the ways in which the island’s insurance regulatory regime is adapting to changes in the international insurance business environment, including changes in international regulatory standards for insurance”.
The closing date for responses is 11 November. To view and download the consultation document, click here.
As reported here in July, the Isle of Man has also been consulting insurance industry participants on a proposed new Conduct of Business Code, which will set out how Isle of Man insurance companies are to handle business they receive from intermediaries, in the wake of the publication of responses to a consultation carried out last year by the jurisdiction’s regulator.
The Isle of Man is home to a number of major life company insurance businesses, including RL360°, Hansard, Canada Life International, Friends Provident International, AXA, Old Mutual International and Zurich International Life. Of these, Canada Life and AXA sell their products into the UK market only, while the others sell internationally as well, or instead.
To read and download the most recent version of the Isle of Man’s insurance industry Roadmap, click here.