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  • Conduct of Business for non-life insurance

    In June 2013 the Insurance and Pensions Authority ('IPA') published its Roadmap for updating the Isle of Man’s regulatory framework for insurance business ('the Roadmap') and through that document set out the objective to establish a project to enhance the Island’s regulatory framework to ensure that it remains up to date, proportionate and, where appropriate, consistent with the updated and revised Insurance Core Principles ('ICPs') issued by the International Association of Insurance... More
    Closed 14 March 2017
  • Credit Unions (Amendment) Bill 2017

    In early 2015 a high level consultation was issued that outlined proposals to address perceived deficiencies in the Credit Unions Act 1993 (‘CUA’) and to develop a framework for regulating credit unions. Responses to the consultation evidenced considerable support for changes to the CUA that would facilitate credit unions in the IoM and so research began for drafting a Credit Unions (Amendment) Bill (‘Bill’). Simultaneously, work was under way to establish the IoM’s first credit... More
    Closed 25 April 2017
  • Collective Investment Schemes

    Closed-ended investment companies and other matters This consultation is relevant to persons providing services to collective investment schemes, as well as to corporate service providers that provide services to closed-ended investment companies. More
    Closed 26 May 2017
  • CP17-05/T06 - Conduct of Business Code for Long Term Insurance

    CP17-05/T06 provides for consultation on the Draft Insurance (Conduct of Business) (Long Term Business) Code 2017 (“the Code”). More
    Closed 16 June 2017
  • 4th Quantitative Impact Study for Life Insurers

    This paper sets out the timescales for the fourth Quantitative Impact Study (“QIS4”) exercise for life insurers and reinsurers, describes changes to the Standard Formula being tested in QIS4 compared with that for QIS3, and provides additional guidance on some aspects of the calculation in order to promote consistency of approach across respondents. More
    Closed 30 June 2017
  • Draft Guidance Note - Governance of Collective Investment Schemes

    The Authority has prepared a draft Guidance Note entitled ‘Governance of Collective Investment Schemes’ (‘Draft Guidance Note’), to assist members of governing bodies in performing their duties responsibly and within the laws of the Isle of Man. The Draft Guidance Note has been developed with reference to guidance issued by other jurisdictions and the Authority’s experience in supervising the Isle of Man’s funds sector. A copy of the Draft Guidance Note is attached to this... More
    Closed 14 July 2017
  • Information Gateways - Amend the exceptions from restrictions on Disclosure of Information under various acts

    To obtain views in relation to three draft orders which amend the exceptions from restrictions on disclosure of information under: the Designated Businesses (Registration and Oversight) Act 2015 the Financial Services Act 2008 the Insurance Act 2008 The proposed changes to the Insurance Act 2008 will also apply to the Retirement Benefits Schemes Act 2000 by virtue of section 43 of the latter Act. More
    Closed 25 July 2017
  • Draft Amendments to the Regulated Activities Order 2011 and the Financial Services (Exemptions) Regulations 2011

    The Isle of Man Financial Services Authority has today issued a Consultation Paper (CP17-09/T10) to obtain views in relation to draft amendments to the Regulated Activities Order 2011 and the Financial Services (Exemptions) Regulations 2011. This consultation paper will be of particular interest to — Class 1 deposit takers participating in SEPA schemes; Class 2 (investment business) licenceholders advising on pension transfers, and pension providers transferring or... More
    Closed 6 October 2017
  • General Insurance Intermediaries Consultation Paper

    The Isle of Man Financial Services Authority has today issued a consultation paper, CP17-07/T08, in respect of general insurance intermediation business. The paper builds on the feedback received in response to the Authority’s initial discussion paper on the work stream established to review developments in the supervision of general insurance intermediaries ('DP16-07'), and sets out in more detail proposals for changes to the Authority’s regulatory framework for general insurance... More
    Closed 6 October 2017
  • 4th Quantitative Impact Study for Non-Life Insurers

    The Isle of Man Financial Services Authority (“Authority”) has today issued a consultation paper, CP17-08/T09, which sets out the Authority’s current thinking in respect of the assessment of the capital adequacy of insurers and reinsurers undertaking non-life insurance business, including the valuation of the assets and liabilities for solvency purposes. Together with the accompanying Technical Specifications it sets out the approach which the Authority requires the Isle of Man’s... More
    Closed 31 October 2017
  • Corporate Governance Code of Practice for Insurers

    The Isle of Man Financial Services Authority has today issued a consultation paper CP17-10/T11 in respect of the corporate governance of insurance companies. The paper sets out the Authority’s proposals to update its existing Corporate Governance Code of Practice for Regulated Insurance Entities (“CGC”) which was issued in 2010. The proposed updates are applicable to all insurers and the Authority welcomes feedback from interested parties. More
    Closed 17 November 2017
  • Group supervision

    The Isle of Man Financial Services Authority has today issued a consultation paper CP17-12/T13 in respect of proposed group supervision requirements for life insurance companies which belong to groups of which the Authority anticipates being the Group Supervisor. Although the paper is directly applicable to those companies, it may also be of general interest to all insurance companies which belong to groups and feedback is welcomed from any interested parties. More
    Closed 1 December 2017
  • Regulatory Fees 2018

    The Isle of Man Financial Services Authority has today published a Consultation Response (CR18-01/T14) following its recent consultation on proposed changes to regulatory fees from 1 April 2018. The response document provides a summary of responses to the consultation and outlines changes made and next steps. Subject to Treasury concurrence and consideration by Tynwald, the following legislation will commence on 1 April 2018: Collective Investment Schemes (Fees) Order 2018 ... More
    Closed 5 January 2018
  • Conduct of Business Code for Non-Long Term Insurance

    CP17-11/T01 sets out the Authority’s views on developing the Island’s existing regulatory framework to enhance the fair treatment of policyholders in relation to non-long term insurers through the issue of the draft Insurance (Conduct of Business) (Non-long Term Insurance) Code 2017 (“the Code”). The Code brings together the Authority’s work in this area and places conduct of business requirements on authorised insurers effecting non-long term contracts of insurance with third... More
    Closed 2 February 2018
  • Insurance (Long-Term Business Valuation and Solvency) Regulations 2018

    Consultation paper CP17-15/T12 sets out new valuation and solvency regulations for insurers authorised to carry on long-term insurance business. The Insurance (Long-Term Business Valuation and Solvency) Regulations 2018 will replace the Insurance (Valuation of Long Term Liabilities) Regulations 2007. More
    Closed 16 February 2018
  • Insurance Regulations 2018

    Consultation paper CP17-14/T15 concerns new Insurance Regulations which will apply to all authorised insurers and permit holders. The Insurance Regulations 2018 will replace the Insurance Regulations 1986 and the Insurance (Supplementary Information) Regulations 2016. The main purpose of the new regulations is to set out new and updated regulatory reporting requirements for all insurers authorised to carry on long-term insurance business in or from the Island, and regulatory reporting... More
    Closed 16 February 2018
  • Survey for businesses selling insurance alongside other goods and services

    This survey is for businesses that are not registered with the Financial Services Authority (FSA). Many businesses sell insurance alongside their principal goods or services (ancillary insurance). This activity is not currently regulated by the FSA because there is an exemption in legislation . The FSA is reviewing this exemption to consider whether it remains current and consistent with international standards. If this exemption was removed, those businesses arranging ancillary... More
    Closed 4 March 2018
  • Information on changes to fitness and propriety assessments for all regulated entities

    The Isle of Man Financial Services Authority has today issued a consultation paper CP18-01/T12. This paper is seeking views on changes to the process for the assessment of individuals’ fitness and propriety in respect of all regulated entities. The paper also includes a formal consultation on resulting amendments to the Financial Services Rule Book 2016. The proposals are applicable to all regulated entities and the Authority welcomes feedback from interested parties. More
    Closed 13 April 2018
  • Proposals to enhance the Island’s regulatory framework for private pensions and their providers

    The Isle of Man Financial Services Authority has today issued a Discussion Paper DP18-02/T15. This paper is seeking views on proposals to enhance the regulatory framework for pension schemes and pension providers. This Discussion Paper will be of particular interest to persons who act by way of business as a trustee and/or an administrator of retirement benefits schemes registered under the Retirement Benefits Schemes Act 2000. The Authority welcomes feedback from all interested parties.... More
    Closed 27 April 2018
  • Insurance Intermediation – exemptions from registration and cross border business

    Consultation Paper CP18-02/T08 sets out the Financial Services Authority’s proposals in relation to the current exemptions from registration as an insurance intermediary on the Isle of Man (‘IOM’) and the allowances for insurance intermediaries providing services on a cross border basis into the IOM from another jurisdiction. In particular, it sets out the Authority’s proposals in relation to the exemption for insurance sold alongside other goods or services by a business that is... More
    Closed 28 June 2018
  • Possible expansion of Class 6 Regulated Activity (Crowdfunding Platforms)

    The Isle of Man Financial Services Authority has issued a consultation paper CP18-04/T16. This paper is seeking views on the possible expansion of Class 6 Regulated Activity (crowdfunding platforms) to include limited secondary trading facilities. The proposals may be of interest to all regulated entities, potential crowdfunders, professional advisors as well as the general public, being potential consumers of investment-based crowdfunding platforms. The Authority welcomes feedback from... More
    Closed 5 October 2018
  • 5th Quantitative Impact Study for Non-Life Insurers

    The Isle of Man Financial Service Authority (“Authority”) has today issued a consultation paper, CP18-03/T04, which sets out the Authority’s current thinking in respect of the assessment of the capital adequacy of insurers and reinsurers undertaking non-life insurance business, including the valuation of the assets and liabilities for solvency purposes. Together with the accompanying Technical Specifications it sets out the approach which the Authority requires Isle of Man non-life... More
    Closed 31 October 2018
  • The Draft Beneficial Ownership (Civil Penalties) Regulations 2018 For Contraventions Under The Beneficial Ownership Act 2017

    The Isle of Man Financial Services Authority has issued a consultation paper CP18-05/T17. This paper is seeking views on the introduction of civil penalties for some contraventions of the Beneficial Ownership Act 2017, and invites interested parties to consider the draft Regulations set out within the paper. The proposals may be of interest to relevant persons under the Act, especially nominated officers and the Authority welcomes feedback from interested parties. More
    Closed 2 November 2018
  • Credit Unions: The New Regulatory Regime and Amendment to Loan Interest Rate

    The Isle of Man Financial Services Authority has today issued Consultation Paper CP18-06/T03 on the new regulatory regime for credit unions and amendment to the existing loan interest rate. More
    Closed 14 December 2018
  • Fees 2019

    The Isle of Man Financial Services Authority has issued Consultation CP18-09/T14 on proposed changes to fees payable to the Authority from 1 April 2019. More
    Closed 11 January 2019
  • Corporate Governance Requirements for Insurance Intermediaries

    This consultation sets out proposed new requirements in the area of corporate governance for general insurance intermediaries. More
    Closed 31 January 2019
  • Group Supervision Consultation Paper

    This consultation sets out proposed requirements for insurance groups for which the Authority anticipates acting as Group Supervisor. More
    Closed 31 January 2019
  • DP18-03/T18 - Public disclosure for authorised insurers

    This discussion paper looks at the prospective development of a regulatory framework in the Isle of Man for the disclosure of information about Isle of Man insurers to support their stakeholders (for example policyholders, lenders and creditors) in making relevant decisions about those insurers. More
    Closed 28 February 2019
  • Anti-Money Laundering and Countering the Financing of Terrorism (Specified Non-Profit Organisations) Code

    This consultation sets out the proposed Anti-Money Laundering and Countering the Financing of Terrorism (Specified Non-Profit Organisations) Code. More
    Closed 27 March 2019
  • AML/CFT Framework

    The consultation sets out the proposed changes to the Island’s AML/CFT framework. The documents being consulted on are: the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019; section 157 of the Proceeds of Crime Act 2008 and section 68 of Terrorism and Other Crime (Financial Restrictions) Act 2014; the Anti-Money Laundering and Countering the Financing of Terrorism (Civil Penalties) Regulations 2019; Schedule 4 to the... More
    Closed 27 March 2019
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