Regulatory Alerts2017-01-01
Insurance (Amendment) Act 2017 (Appointed Day) (No.3) Order 2020
The Isle of Man Financial Services Authority issued this Order to appoint specific commencement dates for provisions of the Insurance (Amendment) Act 2017. It mandates that sections 4, 35, and 49(2) and (4)(a) and (b) of the Act come into operation on 31 December 2020. This implementation effectively removes the requirement for insurance intermediaries to register on an annual basis.
Insurance (Amendment) Act 2017 (Appointed Day) (No.3) Order 2020 Index c SD No. 2020/0444 Page 1 c INSURANCE (AMENDMENT) ACT 2017 (APPOINTED DAY) (NO.3) ORDER 2020 Index Article Page 1 Title..............................................................................................................................3 2 Interpretation..............................................................................................................3 3 Commencement of certain provisions of the Act on 31 December 2020................3
Insurance (Amendment) Act 2017 (Appointed Day) (No.3) Order 2020 Article 1 c SD No. 2020/0444 Page 3 Statutory Document No. 2020/0444 Insurance (Amendment) Act 2017 c INSURANCE (AMENDMENT) ACT 2017 (APPOINTED DAY) (NO.3) ORDER 2020 Made: 22 October 2020 Laid before Tynwald: November 2020 The Isle of Man Financial Services Authority makes the following Order under section 2 of the Insurance (Amendment) Act 2017. 1 Title This Order is the Insurance (Amendment) Act 2017 (Appointed Day) (No.3) Order 2020. 2 Interpretation In this Order the “Act” means the Insurance (Amendment) Act 2017. 3 Commencement of certain provisions of the Act on 31 December 2020 The following provisions of the Act come into operation on 31 December 2020 – (a) section 4 (interpretation); (b) section 35 (no requirement for annual registration for insurance intermediaries: section 26 amended); and (b) section 49(2) and (4)(a) and (b) (payment and recovery of fees: section 47 amended).
Article 3 Insurance (Amendment) Act 2017 (Appointed Day) (No.3) Order 2020 Page 4 SD No. 2020/0444 c MADE 22 OCTOBER 2020
KAREN BADGEROW Chief Executive Officer, Isle of Man Financial Services Authority
LILLIAN BOYLE Member of the Isle of Man Financial Services Authority
Insurance (Amendment) Act 2017 (Appointed Day) (No.3) Order 2020 Explanatory Note c SD No. 2020/0444 Page 5 EXPLANATORY NOTE (This note is not part of the Order) This Order removes the requirement for insurance intermediaries to register on an annual basis.