The Isle of Man Financial Services Authority has published a thematic report setting out findings from a conduct-focused review of insurance intermediaries, assessing compliance with relevant legislation and identifying common themes on the fair treatment of customers. The report includes key observations, examples of good practice, and areas for improvement. The Prudential Supervision Division conducted the review in two phases, with 27 Island firms responding to an initial questionnaire and a risk-based sample of seven firms providing additional information for a desk-based review. The exercise covered a range of insurance intermediaries, including fully registered and partially exempt firms, but excluded firms registered only in respect of packaged bank accounts; the Authority expects the data to inform its assessment of sector risk and encouraged firms to consider any actions needed to ensure their processes are effective, up to date, and properly documented.
Isle of Man Financial Services Authority 2025-02-04
Isle of Man Financial Services Authority publishes thematic report on insurance intermediaries and fair treatment of customers
The Isle of Man Financial Services Authority released a thematic report from a conduct-focused review of insurance intermediaries, highlighting compliance with legislation and customer treatment. The Prudential Supervision Division's two-phase review involved 27 firms responding to a questionnaire and a risk-based sample of seven firms undergoing a desk-based review. The report aims to inform sector risk assessment and urges firms to update and document their processes.