Insurance Intermediaries (Restriction on Advertising) Regulations 2020

Insurance Intermediaries (Restriction on Advertising) Regulations 2020 Regulation 1 c SD No. 2020/0440 Page 1 Statutory Document No. 2020/0440 Insurance Act 2008 c INSURANCE INTERMEDIARIES (RESTRICTION ON ADVERTISING) REGULATIONS 20201 Laid before Tynwald: 17 November 2020 Coming into Operation: 31 December 2020 The Isle of Man Financial Services Authority makes the following Regulations under section 50 of, and Schedule 7 to, the Insurance Act 2008, after carrying out the consultation required by section 50(3) of that Act. 1 Title These Regulations are the Insurance Intermediaries (Restriction on Advertising) Regulations 2020. 2 Commencement These Regulations come into operation on 31 December 20201 . 3 Interpretation In these Regulations — “Isle of Man person” means — (a) an individual who is resident in the Isle of Man; or (b) a body (whether corporate or not) constituted or carrying on business in the Isle of Man; “overseas person” means a person who — (a) does not act as an insurance intermediary operating from a permanent place of business maintained by that person in the Island; and (b) is not —

1 Under section 50(4) of the Insurance Act 2008, Regulations must be laid before Tynwald as soon as practicable after they are made and if Tynwald at the sitting at which the Regulations are laid, or at the next following sitting, resolves that they shall be annulled, the Regulations shall cease to have effect from that time.

Regulation 4 Insurance Intermediaries (Restriction on Advertising) Regulations 2020 Page 2 SD No. 2020/0440 c (i) a company incorporated in the Island under the Companies Acts 1931 to 2004 or the Companies Act 2006; (ii) a company incorporated outside the Island which is registered under the Foreign Companies Act 2014; (iii) a limited partnership registered in the Island under Part II of the Partnership Act 1909; (iv) a foundation established in the Island under the Foundations Act 2011; or (v) a limited liability company formed under the Limited Liability Companies Act 1996. 4 Business carried on in the Island (1) This regulation applies to an overseas person acting as, or holding itself out to be, 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. (2) Subject to paragraph (3), an overseas person to which this regulation applies is treated as acting as, or holding itself out to be, an insurance intermediary in the course of a business carried on in the Island for the purposes of section 24 of the Insurance Act 2008 if that person solicits business as such by means of an advertisement which is — (a) targeted at Isle of Man persons; or (b) disseminated by a medium which is targeted at Isle of Man persons. (3) Paragraph (2) does not apply to advertisements that consist of sponsorship material which communicates only the overseas person’s brand name and does not promote a specific product or service. MADE 22 OCTOBER 2020

Insurance Intermediaries (Restriction on Advertising) Regulations 2020 Endnotes c SD No. 2020/0440 Page 3 ENDNOTES Table of Endnote References 1 The format of this legislation has been changed as provided for under section 75 of, and paragraph 2 of Schedule 1 to, the Legislation Act 2015. The changes have been approved by the Attorney General after consultation with the Clerk of Tynwald as required by section 76 of the Legislation Act 2015.