The Isle of Man Financial Services Authority (IoMFSA) has today published details of its 2017 Roadmap on updating the island’s regulatory framework for insurance business, delaying the date of implementation of plans for generic information about commissions and fees by twelve months.
The IoMFSA said in a statement announcing its 2017 Roadmap, that “the requirement for a standard key information document (KID) has been removed” and that the original date of 1 January 2018, had been scrapped.
The regulator said: “Following a review of responses to the consultation on the Insurance (Conduct of Business) (Long Term Business) Code, the Authority has revised the proposed implementation date of that Code to 1 January 2019”.
As reported in the latest edition of International Investment magazine and online here, major insurers and industry players in the Isle of Man financial services had urged the regulator for more time to implement plans.
As a result of the IoMFSA changes, insurers will now not be required to provide bespoke information to clients about exactly how much commission they pay for insurance products, for at least another 18 months. The implementation will affect IoM-regulated insurers and advisers across the globe.
The Roadmap was first issued in June 2013 to provide an overview of a significant update to the Isle of Man’s insurance regulatory framework which is consistent with the Authority’s aims of ensuring that the Island has a proportionate and robust regime for the regulation and supervision of insurance business, as reflected in developments in relevant international standards.
To read the full 2017 Roadmap document click here.