Insurance Regulations 2025, Insurance (Fees and Miscellaneous) (Amendment) Regulations 2025 and Insurance (Special Purpose Vehicle and Corporate Governance) (Amendment) Guidance Notes 2025

Overview

This Consultation Paper is issued by the Isle of Man Financial Services Authority, which is the regulatory body for financial services in the Isle of Man. This consultation revises and follows on from consultation:

• CP24-03 (Update to the Insurance Regulations and Insurance Special Purpose Vehicles Regulations) (opens in a new tab) and
   
• Insofar as it related to fees, CP24-04 (Update to the Insurance Solvency Framework and Insurance Fees Regulations) (opens in a new tab)

The purpose of this consultation is to obtain views and evidence in relation to the Authority’s revised proposals in respect of the Insurance Regulations 2024 (now 2025), and consequential (and other) amendments to fee and solvency regulations, and binding guidance notes.

The consultation deals with changes made to proposals contained within the previous consultations: CP24-03 and, insofar as it related to fees, CP24-04. The changes include refinements and clarification of some of the wording previously consulted on, updated requirements in respect of class 12 (captive insurers) and class 13 (fully funded insurers), a newly specified regulatory remedy in respect of authorised protected cell company cells and default fees in respect of certain insurers in lieu of the Authority exercising its discretion to vary those fees.

Why your views matter

Under the Insurance Act 2008, before making the proposed regulations, the Authority is required to consult with the Treasury and such other organisations and persons as appear to it to be likely to be affected by the proposed regulations. And, before issuing or withdrawing the proposed guidance notes, the Authority must consult such persons or bodies as appear to the Authority to be appropriate.

The consultation is relevant to existing Isle of Man authorised insurance special purpose vehicles (ISPVs) or their advisors, insurers subject to an existing form of full funding requirement or their advisors, class 12 insurers or their advisors, other authorised insurers or applicants for authorisation or their respective advisors and registered insurance managers.

The closing date for comments is 7 February 2025.

Please send comments in writing and preferably by email to Alan.Rowe@iomfsa.im or post it to:

Mr Alan Rowe,
Isle of Man Financial Services Authority,
PO Box 58,
Finch Hill House, Bucks Road,
Douglas,
Isle of Man,
IM99 1DT