General Insurance Intermediaries Consultation Paper

Closed 6 Oct 2017

Opened 28 Jul 2017

Feedback Updated 17 Jan 2018

We Asked

Our consultation paper proposed developments and enhancements to the regulatory framework in relation to General Insurance Intermediaries. It included for consideration replacement Regulations and a draft Code on conduct of business requirements for the General Insurance Intermediary sector.  

 

You Said

We received 13 responses from interested parties.

We Did

We are reviewing the responses and continuing to meet with stakeholders prior to developing our policy. We will provide feedback in due course. 

Overview

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 intermediaries, including draft binding guidance and draft Regulations for further consideration.

Why We Are Consulting

Having reviewed the feedback to its discussion paper DP16-07, the Authority issues for consultation CP17-07/T08 which sets out the Authority’s expectations for developments and enhancements to its existing regulatory framework in relation to the general insurance intermediary sector, principally through a Draft Code focussing on conduct of business requirements and Draft Regulations.

CP17-07/T08 also sets out the Authority’s initial views on changes to certain existing exemptions from registration and the future treatment of overseas intermediaries providing cross border services.

Areas

  • All Areas

Audiences

  • Employees
  • Self-employed
  • Students
  • Business owner
  • Other non-resident - business interests

Interests

  • Legislation
  • Policies, strategies & plans
  • Finance