Regulations and Guidance - Insurance

Insurance Act 2008

The Insurance Act 2008 (‘the Act’) has received Royal Assent and the majority of its provisions have been brought into effect (see below).

The Act, a copy of which can be downloaded via the link at the bottom of this page, consolidates most of the existing primary legislation in relation to insurance regulation, including the Insurance Act 1986, the Insurance (Amendment) Act 2004 and the Insurance Intermediaries (General Business) Act 1996. Part 2 of the Insurance (Amendment) Act 2004 will remain in place and this Act will be renamed the Life Assurance (Insurable Interest) Act 2004.

The Insurance and Pensions Authority has now made Appointed Day Orders which brought into effect most of the provisions of the Act as from 1st December 2008. Copies of these Orders can be downloaded via the links at the bottom of this page.

With effect from 1st December 2008 the whole of the Act is operative with the exception of:

• Certain aspects of section 25(3)(d)(i);
• Section 42(1) and (2) and Schedule 4; and
• Certain aspects of sections 56 and 57 and Schedules 8 and 9.

These exceptions are explained below.

Section 25(3)(d)(i) introduces the requirement for applicants for registration as insurance managers under the Act to have professional indemnity insurance in place in a prescribed form. This form will be prescribed in regulations to be made by the IPA and these are currently being drafted. Once they are in place this section of the Act will come into effect in full.

Section 42 deals with the redomiciliation of insurers to or from the Isle of Man. Under these provisions the requirements of the Companies (Transfer of Domiciles) Act 1998 replace the provisions currently contained in section 25A of and Schedule 3A to the Insurance Act 1986. In order for this section to come into effect certain changes are required to the Companies (Transfer of Domiciles) Act 1998. Until these changes are made the provisions of section 25A of and Schedule 3A to the Insurance Act 1986 will remain in force as if they were part of the Insurance Act 2008.

Sections 56 and 57 of and Schedules 8 and 9 to the Act deal with consequential amendments in relation to the above matters.

Regulations and Guidance

Please note that regulations and guidance notes in force prior to 1st December 2008, that were made under now-repealed legislative provisions, will continue to have effect following the implementation of the new Act. A further exercise to consolidate these regulations and guidance will be carried out in due course.

Any reference to repealed enactments within such regulations shall be construed as a reference to the relevant substituting provision within the 2008 Act (where applicable). For ease, the Authority has produced copies of certain of its Regulations which are highlighted with pertinent substituting provisions within the 2008 Act (see links in table below). Please note that highlighted references are for guidance only and should not be assumed to have any legal standing. For further information on substituting provisions please refer to the Interpretation Act 1976.

Copyright notice

To download these documents you will need the Adobe Acrobat Reader. This is available free of charge from Adobe by using the following link:

Title	File Size	Format
Insurance Act 2008	(243 kb)	Acrobat PDF File
Insurance Act (Appointed Day) (No.1) Order 2008	(75 kb)	Acrobat PDF File
Insurance Act (Appointed Day) (No.2) Order 2008	(369 kb)	Acrobat PDF File
Reading Copy - Insurance Intermediaries Regs 1999 - Highlighted references	(68 kb)	Acrobat PDF File