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IoM Proposes Insurance Regulation Changes

by Jason Gorringe, Lowtax.net, London
03 August, 2017

The Isle of Man Financial Services Authority, which supervises the island's financial services, insurance, and pensions sectors, is consulting on enhancements to the regulatory framework for general insurance intermediaries.

A consultation paper has been published, including draft binding guidance and draft regulations, relating to the intermediation of general insurance business and pure protection business.

The consultation paper 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. The proposals build on prior feedback received in response to the Authority's initial discussion paper DP16-07 on supervision of insurance intermediaries.

The closing date for interested parties to comment on the Authority's consultation paper is October 6, 2017.

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