Principal Legislation

Insurance Act

Insurance business on the Isle of Man is principally governed by the Insurance Act 2008 and the Insurance Regulations 1986.

The Insurance and Pensions Authority also issues Guidelines which set out the essential features of the Act and Regulations and any Directions issued by the Insurance and Pensions Authority that are not specific to individual cases.

Insurance Act 2008

The Insurance Act 2008 came into operation on 1st December 2008 with the exception of a few minor aspects. The 2008 Act consolidates most of the pre-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.

For more information on the implementation of the 2008 Act, see the Insurance Act 2008 page.

Regulations and Guidance

The Insurance Regulations 1986 and Guidance Notes are available for download in PDF format via the links in the table below.

The Insurance (Valuation of Long Term Liabilities) Regulations 2007, have effect for periods ending on or after 31st March 2008. The Regulations set out valuation and disclosure requirements for long term insurance liabilities for regulatory reporting purposes.

The above Regulations, which were made under now-repealed legislative provisions, will continue to have effect following the implementation of the new Act.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 will be carried out in due course. For further information on the application of the above Regulations following the implementation of the 2008 Act, see the Insurance Act 2008 page.

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