Regulatory Alerts2023-01-01
Insurance (Civil Penalties) Regulations 2023
The Isle of Man Financial Services Authority issued these Regulations to establish a framework for imposing discretionary civil penalties on regulated entities for serious regulatory failings under the Insurance Act 2008. The rules define relevant income calculations and authorize penalties of up to 5% for Level 1 failings involving significant risk, or up to 8% for Level 2 failings involving actual loss, financial crime, or deliberate misconduct. Entities may receive a 30% reduction if they cooperate with the Authority and remedy the failing, with penalties payable to the Treasury within 90 business days following any appeal process.
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