Update on the Isle of Man Financial Services Authority’s project for updating the Island’s regulatory framework for insurance business

The Isle of Man Financial Services Authority (“Authority”) has today issued its 2017 Roadmap for updating the Isle of Man’s regulatory framework for insurance business (“Roadmap”) as well as a consultation paper on Conduct of Business for non-life insurance (CP17-01/T01).

The Roadmap was first issued in June 2013 to provide an overview of a significant update to the Isle of Man's insurance regulatory framework, consistent with the Island's commitment to adhere to relevant international standards. Updated versions have been issued on a regular basis since then to provide information on progress and work undertaken and to look ahead to developments over the forthcoming year.

The consultation document on Conduct of Business for non-life insurance (CP17-01/T01) puts forward proposals based on the themes set out in a discussion paper issued on this topic in 2014. A copy of the document can be found here and responses are invited by 14 March 2017.

In addition, responses to feedback received on the consultation on Managing Conflicts of Interest in the Insurance Sales Process (Long-term business) (CP16-03) can be found on the Authority’s consultation pages as can responses to feedback received on the consultation on the Insurance (Amendment) Bill (CP15-05) which was carried out in 2016.