Regulations and Guidance - Insurance
Insurance (Amendment) Act 2004
The Insurance (Amendment) Act 2004 represents the most significant revision of the Insurance Act since its introduction in 1986. The Act also updates provisions of the Insurance Intermediaries (General Business) Act 1996 and makes amendments to the Retirement Benefits Schemes Act 2000 in light of a number of issues that have arisen since the introduction of that legislation.
The legislation takes account of the Core Principles of the International Association of Insurance Supervisors (which formed a central part of the assessment of the Island’s financial regulatory framework by the IMF). It also takes account of previous reviews to which the Isle of Man has been subject in recent years such as Edwards and the FATF (in respect of anti-money laundering and terrorist financing countermeasures).
The Authority is in the process of drafting the Insurance Bill 2008. The intention of this Bill is to consolidate the various pieces of primary insurance legislation, including the 2004 Amendment Act, that have been implemented since the introduction of the Insurance Act 1986. Further information on the progress of the Bill can be obtained by contacting the Authority.
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 (Amendment) Act 2004 | (98 kb) | Acrobat PDF File |
| Insurance (Amendment) Act 2004 (Appointed Day) (No. 1) Order 2004 | (22 kb) | Acrobat PDF File |
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