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Isle of Man General Insurance License

Isle of Man General Insurance Intermediaries

A person who acts as an insurance intermediary in respect of the effecting or carrying out of contracts of insurance which are not investments within the meaning of the Financial Services Act 2008 must be registered as an insurance intermediary with the Authority under the provisions of the Insurance Act 2008 unless that person is exempt.

Applications for registration are made in writing by the applicant to the Authority. As part of the registration process, the Authority seeks to ensure that new entrants to the insurance sector meet the required minimum standards expected of an Isle of Man regulated entity, thereby protecting the reputation of the Island as a reputable and responsible financial center.

Registration Procedure:

Prospective applicants are encouraged to contact officers of the Isle of Man Financial Services Authority at an early stage to discuss proposals for establishing and operating a regulated business in the Isle of Man.

The Authority has issued guidance for applicants seeking registration as a General Insurance Intermediary, which can be accessed on its website.

On receipt of the application, the Executive - Non-Life Insurance Team will process the application. This will include a review of the application form and supporting documents, and, if appropriate, discussion with other regulatory bodies. In addition, the Authority considers whether the proposed holders of certain roles are fit and proper.

On completion, the Non-Life Insurance Team will make a recommendation to the Board of the Authority as to whether a registration should be granted and detailing any conditions that it may be appropriate to attach to the registration.

For more information, please feel free to contact Neptune Fiduciaries on info@neptunecorporate.com or sales@neptunecorporate.com.

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