IoM Regulator Issues Update On Insurance Regime Work

The Isle of Man Financial Services Authority, the regulatory authority responsible for the supervision of the financial services industry, recently issued its annual insurance "roadmap."

The annual roadmap, first issued in June 2013, is intended to provide regulated insurance entities and other relevant stakeholders with an update on its work towards establishing a new, all-encompassing regulatory regime for insurers. According to the roadmap, the regulator hopes to have all legislation anticipated when it released its first report in 2013 in place by mid-2018. This includes finalizing all secondary legislation for the capital framework for life insurance.

It also said that it will consult on a Conduct of Business Code for life insurers and non-life insurers, issue a definition of a captive insurer, and issue a consultation paper on Intermediaries.