Conduct of Business for non-life insurance

Closed 14 Mar 2017

Opened 31 Jan 2017

Feedback updated 15 Oct 2019

We asked

We asked for your views on proposed conduct of business requirements for non-life insurers.

You said

We received comments from two non- life insurers that requested clarity on how the requirements might apply to captive insurers.

We did

After reviewing and providing the clarity requested in consultation responses, the Insurance (Conduct of Business) (Non Long Term Business) Code 2018 was implemented on 1 January 2019.


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 Supervisors ('IAIS'). Since its issue the Roadmap has been updated annually to reflect progress made across the various work streams established under the project.

A key element of the developments proposed within the Roadmap is the enhancement of requirements in matters related to conduct of business. This consultation builds on the feedback received in response to DP14-052 in relation to the Authority’s proposals to enhance existing conduct of business requirements for non-life insurers. Proposals to enhance existing conduct of business requirements for long-term insurers have been consulted upon in CP15-02 and CP16-03.


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