CP24-03 Update to the Insurance Regulations and Insurance Special Purpose Vehicles Regulations

The Isle of Man Financial Services Authority invited feedback on proposals to update and integrate the Insurance Regulations 2021 with simplified elements of the Insurance (Special Purpose Vehicles) Regulations 2015 and Guidance Notes for Insurance Special Purpose Vehicles into a combined single document: the Insurance Regulations 2024. The consultation also includes additional proposals relating to fast-track authorisation, regulatory sandboxing and potential restrictions on activities undertaken alongside regulated insurance activities.

The Authority received 11 responses to the consultation paper. The responses were generally supportive of the changes being proposed but queried how certain aspects might be implemented.

The Authority prepared a consultation response document, which details the feedback and responds to the questions raised.  In addition the Authority has revised its proposals and is issuing a second consultation (CP24-05).