Regulatory Alerts2008-01-01
Insurance Act 2008
The Isle of Man Financial Services Authority administers the Insurance Act 2008 to regulate insurers, insurance managers, and intermediaries within the jurisdiction. The legislation mandates strict authorization procedures and imposes capital requirements, including minimum capital and solvency capital thresholds, to ensure financial stability. It further empowers the Authority to enforce supervision, impose civil penalties, and initiate winding-up proceedings for non-compliant entities.
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