Help shape the future of Isle of Man insurance rules

FSA launches consultation on regulations

There's a chance to have your say about proposed updates to insurance rules and fees on the Isle of Man.

The Isle of Man Financial Services Authority has launched a consultation to get evidence, and feedback, about certain regulations due to come into force next year.

Anyone who may be affected by the changes is asked to take part.

The FSA has updated its proposals for the Insurance Regulations 2025 which build on earlier consultations. 

The changes include:

• Clearer rules for certain types of insurers like captive insurers (Class 12) and fully funded insurers (Class 13)
• New processes to handle specific issues for protected cell companies (a type of insurer structure)
• Introducing standard fees for certain insurers, removing the need for case-by-case decisions on fees

This consultation is relevant to:

• Companies using special-purpose insurance vehicles or those advising them
• Insurers that need full financial backing (e.g., captive or fully funded insurers)
• Any Isle of Man insurance firms or applicants as well as their advisors

If you or your organisation could be affected by these changes the FSA wants to hear from you; the deadline for feedback is 7 February 2025.

You can find out more here.