Regulations and Guidance - Insurance
Insurance Act 2008
The Insurance Act 2008 (‘the Act’) is the Island's principal primary legislation governing the carrying on of insurance business. The Act was originally introduced in order to consolidate a range of pre-existing insurance legislation.
The majority of the provisions of the Act were brought into effect as from 1st December 2008. Provisions relating to redomiciliation of insurers were brought into effect on 1st July 2010. The Act has accordingly been brought into effect in full with the exception of certain aspects of section 25(3)(d)(i). Section 25(3)(d)(i) introduces the requirement for applicants for registration as insurance managers under the Act to have professional indemnity insurance in place in a prescribed form. This form will be prescribed in regulations to be made by the Authority and these are currently being drafted. Once they are in place this section of the Act will come into effect in full.
A copy of the Act, along with the Appointed Day Orders that brought it into effect, can be downloaded via the links at the bottom of this page.
Regulations and Guidance
Please note that regulations and guidance notes in force prior to 1st December 2008, that were made under now-repealed legislative provisions, will continue to have effect following the implementation of the new Act. A further exercise to consolidate these regulations and guidance will be carried out in due course.
Any reference to repealed enactments within such regulations shall be construed as a reference to the relevant substituting provision within the 2008 Act (where applicable). For ease, the Authority has produced copies of certain of its Regulations which are highlighted with pertinent substituting provisions within the 2008 Act (see links in table below). Please note that highlighted references are for guidance only and should not be assumed to have any legal standing. For further information on substituting provisions please refer to the Interpretation Act, a copy of which can be found on the Isle of Man legislation website.
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