Updated regulations, which came into effect on Jun. 30, 2025, include new enabling provisions to support fast-track authorisations and insurance regulatory sandboxing.
The intention is to support the Authority’s ability to be proportionate and adaptable in the delivery of its remit in a competitive international insurance business environment.
On Dec. 13, IOM FSA consulted on insurance regulation and guidance.
IOM FSA is inviting feedback on proposed updates to the Insurance Regulations 2025, the Insurance (Fees and Miscellaneous) Regulations 2025 and the Insurance (Special Purpose Vehicle and Corporate Governance) (Amendment) Guidance Notes 2025.
Follows IOM FSA Apr. 2024 issued insurance regulations consultations, see #207329.
Consultation Overview
The Authority published consultation CP24-05, which deals with changes to proposals contained in previous consultations: CP24-03 and, as far as related to fees, CP24-04.
Revisions include refinements and clarification of words previously consulted, updated requirements for class 12 (captive insurers) and class 13 (fully funded insurers), and newly specified regulatory remedy regarding authorized protected cell company cells.
Consultation is relevant to existing Isle of Man authorized insurance special purpose vehicles (ISPVs) or advisors, insurers subject to existing form of funding requirement or advisors, class 12 insurers or advisors other insurers or applicants for authorization.
Consultation Process
Under Insurance Act 2008, before making proposed regulations, IOM FSA is required to consult with Treasury and organisations and persons likely to be affected by proposals.
In addition, before issuing or withdrawing the proposed guidance notes, the Authority must also consult such persons or bodies as appear to the Authority to be appropriate.
Effectiveness
The closing date for all stakeholder comments on the new consultation is Feb. 7, 2025.
Updated regulations, which came into effect on Jun. 30, 2025, include new enabling provisions to support fast-track authorisations and insurance regulatory sandboxing.
The intention is to support the Authority’s ability to be proportionate and adaptable in the delivery of its remit in a competitive international insurance business environment.
