Insurance (Amendment) Act 2017 (Appointed Day) (No. 4) Order 2021

Insurance (Amendment) Act 2017 (Appointed Day) (No. 4) Order 2021 Article 1 c SD No. 2021/0272 Page 1 Statutory Document No. 2021/0272 Insurance (Amendment) Act 2017 c INSURANCE (AMENDMENT) ACT 2017 (APPOINTED DAY) (NO. 4) ORDER 2021 Laid before Tynwald: October 2021 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. 4) Order 2021. 2 Interpretation In this Order “the Act” means the Insurance (Amendment) Act 2017. 3 Commencement (1) To the extent that they are not already in operation, the provisions of the Act set out in paragraph (2) come fully into operation on 30 October 2021 for the purpose of enabling the Authority to make regulations under — (a) the provisions of the Insurance Act 2008 amended or substituted by those provisions of the Act; or (b) the provisions inserted into the Insurance Act 2008 by those provisions of the Act. (2) The provisions of the Act are — (a) section 5 (capital requirements for authorised insurers: section 12 substituted); (b) section 6 (duties of authorised insurers and powers of Authority in relation to solvency: sections 12A to 12D inserted) to the extent that it inserts section 12A into the Insurance Act 2008; and (c) paragraph 1(10) of Schedule 2 and section 63 to the extent that it gives effect to that provision.

Article 4
Insurance (Amendment) Act 2017 (Appointed Day) (No. 4) Order 2021
Page 2 SD No. 2021/0272 c
4 Commencement of certain provisions of the Act on 30 June 2022 To the extent that they are not already in operation, the following provisions of the Act come into operation on 30 June 2022 for all purposes — (a) section 5 (capital requirements for authorised insurers: section 12 substituted); (b) section 6 (duties of authorised insurers and powers of Authority in relation to solvency: sections 12A to 12D inserted); (c) section 7 (schemes where capital requirements not met: section 13 amended); (d) section 10 (insurer’s assets in winding up: Schedule 3 amended); and (e) paragraphs 1(2), 1(6)(a)(ii), 1(8) and 1(10) of Schedule 2 and section 63 to the extent that it gives effect to those provisions. MADE 19 AUGUST 2021
L. BOYLE
Chairman, Isle of Man Financial Services Authority
C. MANLEY
Chief Executive Officer, Isle of Man Financial Services Authority

Insurance (Amendment) Act 2017 (Appointed Day) (No. 4) Order 2021 Explanatory Note c SD No. 2021/0272 Page 3 EXPLANATORY NOTE (This note is not part of the Order) This Order provides for the commencement of certain provisions of the Insurance (Amendment) Act 2017. In particular, this Order provides for the commencement of the capital requirements, brought into force for long-term insurance business on 30 June 2018, to all authorised insurers.