The Isle of Man Financial Services Authority has issued a survey for businesses that sell insurance alongside other goods and services.
The survey is not targeted at businesses that are registered with the FSA as insurance intermediaries. It will be of interest to companies that recommend insurance to their customers.
Many businesses sell insurance alongside their principal goods or services. This activity is not currently regulated by the FSA because there is an exemption within the Insurance Intermediaries (General Business) Regulations 1999, as amended.
The FSA is undertaking a project to review the Island’s insurance regulatory framework and this survey has been prepared as part of that work.
The survey will enable the FSA to review the businesses that are currently taking advantage of the exemption. The exemption allows persons to not register with the FSA where the insurance being arranged covers the risk of loss or damage to goods or services being provided by that person (where the principal business is not that of an insurance intermediary).
The results of the survey will inform the FSA’s views in relation to whether the risks posed by these businesses warrants them to be registered for the insurance sold.
Feedback is requested by 28 February 2018.
