FSA survey for those selling insurance as secondary business

Decision on whether exemption is current and consistent

The Isle of Man Financial Services Authority has issued a survey for businesses that sell insurance alongside other goods and services on the Government's consultation hub.

Many businesses sell insurance alongside other goods or services and this service is not currently regulated by the FSA because there is an exemption within the amended Insurance Intermediaries (General Business) Regulations 1999.

The FSA says it's not targeted at businesses that are registered with the authority as insurance intermediaries.

The Authority says the survey is designed to gather more information from businesses currently taking advantage of the exemption.

It's hoped the results will allow a decision to be made on whether the exemption remains current and consistent with international standards.

If removed, those offering insurance alongside their core business would be required to registered with the FSA.

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