Engagement Hub

The Isle of Man Financial Services Authority invited feedback on proposals to amend certain aspects of the insurance valuation and solvency framework, including amendments to the regulatory capital calculation.

The Authority received 10 responses to the consultation paper. The responses were supportive of the changes being proposed.

The Authority prepared a consultation response document, which provides a summary of the feedback submitted and responds to all questions raised. The Authority will now prepare the final Insurance (Fees and Solvency)(Amendment) Regulations 2024 to be laid before Tynwald.

The purpose of the consultation by the Department of Education, Sport and Culture was to seek stakeholder and public views on areas considered appropriate for update in the proposed Education (Amendment) Bill. The consultation ran for 6 weeks from 27 March to 10 May 2024

There were 509 responses to the consultation. The results can be found attached below.

The Department is grateful to all those who took time to respond to the consultation. The results will be considered and used to form the policy principles which will result in amendments to the existing Isle of Man Education legislation.

The Department of Home Affairs invited feedback on the policy principles for the proposed National Infrastructure Security Bill.

The public consultation opened on the 5 February 2024 and closed on the 25 March 2024. The Department received 53 responses to the consultation, 48 of which were received via the consultation hub. The 53 responses comprised:

• 36 Members of the public
• 7 Private Companies
• 6 Government Departments, Offices or Boards
• 1 Industry Body
• 1 Local Authority
• 2 not identified

There was a consensus from the responses received on the need for legislation.

Amongst the feedback, there was agreement on the need for a competent and technical authority, as well a general agreement on the key sectors that would constitute the national infrastructure. Furthermore, it is apparent that some sectors on the Isle of Man already comply with compliance regimes similar to those set out in the policy principles and that this must be accounted for when drafting legislation.

The Department is grateful to the individuals and organisations who responded to the consultation. All responses received have now been analysed and used to create a consultation summary report, which has been published on this page.  This report also includes commentary in places where relevant and where respondents indicated that their response could be published or published anonymously.

The report summarises the responses received and sets out the next steps the Department intends to take following this engagement. These will include further research into the options for establishing a Competent Authority (ies) and a Technical Authority as well as finalising which sectors should be included in the definition of the National Infrastructure.

The work in this area will help make our Island safer and we are committed to ensuring that those who may be affected have, through this consultation, and will continues to be involved in the detailed proposals.