Updated insurance regulations to come into operation

The Isle of Man Financial Services Authority has published a summary of responses to the recent consultation on the Insurance (Fees and Solvency) (Amendment) Regulations 2024.

The consultation invited feedback on a number of matters, including a proposed reduction in the value of the risk margin. The intention is to ensure our framework remains up to date and compliant with international standards.

Stakeholder responses to the proposals has been reflected in the updated Regulations, which will come into operation on 30 June 2024.

Further information and guidance can be viewed online.