Insurance Intermediation – exemptions from registration and cross border business

Overview

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 not a registered as an insurance intermediary and in relation to overseas intermediaries providing services on a cross border basis.

It builds on the previous discussion paper (DP16-07) issued in October 2016 and the survey for businesses selling insurance alongside other goods and services which was carried out earlier this year.

Why your views matter

The Authority is consulting to ensure that it obtains views from all interested parties in relation to its proposals. The proposals will be of interest to all businesses selling insurance to persons in the IOM, whether or not they are currently registered as an insurance intermediary.