Insurance Act 2008
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INSURANCE ACT 2008
Insurance Act 2008 Index
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INSURANCE ACT 2008
Index Section Page
PART 1 – REGULATORY OBJECTIVES 7
1 Regulatory objectives ..................................................................................................... 7
2 [Repealed] ........................................................................................................................ 7
PART 2 – ADMINISTRATION 7
3 The Isle of Man Financial Services Authority ............................................................. 7
4 [Repealed] ........................................................................................................................ 8
PART 3 – AUTHORISATION OF INSURERS 8
5 Authorised insurers ........................................................................................................ 8
6 Application for authorisation ........................................................................................ 8
7 Circumstances in which authorisation will not be granted ...................................... 8
8 Authorisation .................................................................................................................. 9
9 Alteration of conditions of existing authorisations .................................................... 9
10 Withdrawal of authorisation in respect of new business .......................................... 9
11 Statement of reasons ....................................................................................................... 9
PART 4 – REQUIREMENTS FOR AUTHORISED INSURERS 10
CHAPTER I 10
Solvency, accounts and audit 10
12 Solvency margins .......................................................................................................... 10
13 Consequences of not meeting solvency margin ....................................................... 10
14 Accounts ......................................................................................................................... 11
15 Auditor ........................................................................................................................... 11
CHAPTER II 12
General requirements that apply to all authorised insurers 12
16 Restriction of business to insurance ........................................................................... 12
17 Management .................................................................................................................. 12
CHAPTER III 12
Index Insurance Act 2008
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Requirements that apply to all insurers carrying on long-term business 12
18 Actuary .......................................................................................................................... 12
19 Assets attributable to long-term business ................................................................. 14
20 Use of long-term business assets ................................................................................ 14
CHAPTER IV 15
Transfer of insurance business 15
21 Transfer of insurance business ................................................................................... 15
PART 5 – FOREIGN INSURERS 15
22 Foreign insurers ............................................................................................................ 15
PART 6 – INSURANCE MANAGERS AND INSURANCE
INTERMEDIARIES 16
CHAPTER I 16
Insurance Managers 16
23 Insurance managers ..................................................................................................... 16
CHAPTER II 16
Insurance Intermediaries 16
24 Insurance intermediaries ............................................................................................. 16
CHAPTER III 17
Common provisions 17
25 Registration under this Part ........................................................................................ 17
26 Cancellation or restriction ........................................................................................... 18
27 Winding up of insurance managers and insurance intermediaries ...................... 18
PART 7 – CONNECTED PERSONS 19
28 Persons to whom this Part applies ............................................................................. 19
29 Connected persons ....................................................................................................... 19
30 Notice of cessation ........................................................................................................ 21
PART 8 – SUPERVISION 21
CHAPTER I 21
The powers of the Authority 21
31 Location of assets .......................................................................................................... 21
32 Winding up of insurers ............................................................................................... 22
33 Residual power to impose requirements .................................................................. 22
34 Publication of information and advice ...................................................................... 22
35 Public statements .......................................................................................................... 23
CHAPTER II 23
Inspection and investigation 23
36 Inspection and investigation ....................................................................................... 23
CHAPTER III 24
Insurance Act 2008 Index
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Civil penalties 24
37 Civil penalties ................................................................................................................ 24
PART 9 – SPECIAL REMEDIES 25
38 Injunctions ..................................................................................................................... 25
39 Restitution orders ......................................................................................................... 25
40 Actions for damages ..................................................................................................... 26
41 Application of sections 39 and 40 ............................................................................... 27
PART 10 – SUPPLEMENTARY 27
CHAPTER I 27
General 27
42 Continuation and discontinuation of certain insurers ............................................ 27
43 Compensation schemes ................................................................................................ 27
44 Reasons for decisions ................................................................................................... 28
45 Appeals to the Insurance Tribunal ............................................................................. 28
46 Restrictions on disclosure of information ................................................................. 29
47 Fees ................................................................................................................................. 29
48 Registers ......................................................................................................................... 30
49 [Repealed] ...................................................................................................................... 30
50 Regulations .................................................................................................................... 30
51 Guidance Notes ............................................................................................................. 30
CHAPTER II 32
Offences and penalties 32
52 False statements, etc ..................................................................................................... 32
53 Offences .......................................................................................................................... 32
CHAPTER III 34
Final provisions 34
54 Interpretation ................................................................................................................. 34
55 Financial provisions ..................................................................................................... 38
56 Amendments ................................................................................................................. 38
57 Repeals ........................................................................................................................... 38
58 Savings and transitional provisions ........................................................................... 38
59 Short title and commencement ................................................................................... 38
SCHEDULE 1 39
SCHEDULE 2 39
TRANSFER OF LONG-TERM BUSINESS 39
SCHEDULE 3 42
INSOLVENCY AND WINDING UP 42
Winding up on petition of Authority 42
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SCHEDULE 4 45
CONTINUATION AND DISCONTINUATION OF INSURANCE COMPANIES
45
SCHEDULE 5 47
INSPECTION AND INVESTIGATION 47
SCHEDULE 6 54
RESTRICTIONS ON DISCLOSURE OF INFORMATION 54
SCHEDULE 7 59
MATTERS IN RESPECT OF WHICH REGULATIONS MAY BE MADE 59
Insurers, insurance managers and insurance intermediaries 59
Insurance managers and insurance intermediaries only 62
SCHEDULE 8 64
AMENDMENT OF ENACTMENTS 64
Life Assurance (Compensation of Policyholders) Regulations 1991 (G.C.
48/91) 64
SCHEDULE 9 66
REPEAL OF ENACTMENTS 66
SCHEDULE 10 67
SAVING AND TRANSITIONAL PROVISIONS 67
ENDNOTES 69
TABLE OF LEGISLATION HISTORY 69
TABLE OF RENUMBERED PROVISIONS 69
TABLE OF ENDNOTE REFERENCES 69
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INSURANCE ACT 2008
Received Royal Assent: 21 October 2008
Announced to Tynwald: 21 October 2008
Commenced: 1 December 2008
AN ACT
to re-enact with amendments certain enactments relating to the
regulation of persons carrying on insurance business and the regulation of
insurance managers and insurance intermediaries; and for connected purposes.
PART 1 – REGULATORY OBJECTIVES
1 Regulatory objectives
Sections 1(2) (the Isle of Man Financial Services Authority) and 2 (exercise of
functions to be compatible with the regulatory objectives) of the Financial
Services Act 2008 shall apply in respect of the Authority’s functions under this
Act.1
2 [Repealed]
2
PART 2 – ADMINISTRATION
3 The Isle of Man Financial Services Authority
(1) The Authority shall exercise the functions conferred on it by this Act.
(2) The Authority is charged with the general administration of this Act and
the Retirement Benefits Schemes Act 2000.3
Section 4 Insurance Act 2008
Page 8 AT 16 of 2008 c
4 [Repealed]
4
PART 3 – AUTHORISATION OF INSURERS
5 Authorised insurers
[1986/24/3(1) and (3)]
(1) An authorised insurer is a person authorised by the Authority under
section 8 to carry on, and hold itself out as carrying on, insurance
business in or from the Island.5
(2) Insurance business may be carried on in or from the Island —
(a) by an authorised insurer;
(b) by a person who is the holder of a permit issued under section 22
(foreign insurers);
(c) by a person who is exempted by regulations from the requirement
to be an authorised insurer or to hold a permit issued under
section 22;
(d) by a person who carries on a class of insurance business which is
exempted by regulations from the requirement to be carried on by
a person specified in this section; or
(e) by the Government or by a person who is not an authorised
insurer but who is acting on behalf of the Government.
6 Application for authorisation
[1986/24/4 and 5(a)]
(1) Applications for authorisation to carry on an insurance business shall be
made in writing to the Authority.6
(2) An applicant shall be a company or a person or class of persons specified
in regulations.
(3) An applicant shall provide the Authority with such documents and
information as may be —
(a) prescribed; or
(b) required by the Authority.7
8
7 Circumstances in which authorisation will not be granted
[1986/24/5(b) to (d)]
The Authority shall not authorise an applicant under section 8 if the
applicant —
(a) does not satisfy the Authority that the controller, directors and
chief executive (if any) of the applicant are fit and proper
persons;9
Insurance Act 2008 Section 8
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(b) does not satisfy the Authority that it has —
(i) an appropriate level of management in the Island; or
(ii) appointed a registered insurance manager in the Island,
with adequate experience of the insurance business carried on;
or10
(c) does not comply with the criteria contained in directions issued
by the Authority.11
12
8 Authorisation
[1986/24/6(1)]
In relation to every application for authorisation, the Authority shall —
(a) authorise the applicant in writing to carry on, subject to such
conditions as the Authority may impose, an insurance business;
or13
(b) refuse the application.14
9 Alteration of conditions of existing authorisations
[1986/24/6(2)]
Where an authorisation has been granted under section 8 the Authority may, at
any time —
(a) make such authorisation subject to conditions;
(b) vary or revoke any condition.15
10 Withdrawal of authorisation in respect of new business
1986/24/9(1) and (2)
(1) The Authority may at any time withdraw any authorisation, but only to
the extent that the authorised insurer concerned shall cease to be
authorised to effect new contracts of insurance.16
(2) Withdrawal of authorisation under this section shall not prevent an
insurer from effecting a contract of insurance in pursuance of a term of a
subsisting contract of insurance.
11 Statement of reasons
[1986/24/6(3), (4) & (6) and 9(3) & (5)]
(1) The Authority shall give written notice to the authorised insurer of any
decision to exercise the powers conferred by section 9 or 10(1) and such
notice shall contain a statement of reasons for the decision.17
(2) Except where the Authority is satisfied that urgent action is necessary, a
notice under subsection (1) shall be served on the insurer not less than 8
weeks before such powers are exercised.18
Section 12 Insurance Act 2008
Page 10 AT 16 of 2008 c
(3) Subsection (2) shall not apply if the powers are exercised with the
consent of the insurer concerned.
(4) [Repealed]19
(5) When the Authority exercises any powers under section 9 or 10(1) the
Authority may require the insurer to give notice of such exercise in such
manner and to such persons as the Authority may require.20
PART 4 – REQUIREMENTS FOR AUTHORISED INSURERS
CHAPTER I
Solvency, accounts and audit
12 Solvency margins
[1986/24/17(1)]
Every authorised insurer shall maintain a margin of solvency of such amount as
may be prescribed by or determined in accordance with regulations.
13 Consequences of not meeting solvency margin
[1986/24/17(2) to (6)]
(1) If the margin of solvency of an authorised insurer falls below such
amount as may be prescribed by or determined in accordance with
regulations, the insurer shall at the request of the Authority submit to the
Authority a short-term financial scheme.21
(2) A scheme under subsection (1) shall be submitted within 30 days of the
request of the Authority, or such longer period as the Authority may
permit.22
(3) If the Authority considers the scheme (or the scheme as previously
modified) inadequate the insurer shall propose modifications to it to the
Authority.23
(4) Where an insurer is required to maintain separate margins in respect of
its long-term business and its other insurance business, subsection (1)
shall have effect as if any reference to the margin of solvency of the
insurer is a reference to the aggregate of those margins.
(5) A scheme submitted under subsection (1) may include proposals for —
(a) the appointment of a special manager acceptable to the Authority;
or24
(b) the discontinuance, either in whole or in part, of the insurer’s
business.
(6) An insurer shall give effect to any scheme accepted by the Authority.25
Insurance Act 2008 Section 14
c AT 16 of 2008 Page 11
(7) If an authorised insurer is unable or fails to submit a scheme which is
acceptable to the Authority, the insurer shall be deemed to be unable to
pay its debts for the purposes of section 162 or 307 of the Companies Act
1931 (as the context requires).26
14 Accounts
[1986/24/12]
(1) Unless regulations made in accordance with subsection (2) provide for an
alternative system of accounting, the provisions of the Partnership Act
1909, the Companies Acts 1931 to 2004, the Limited Liability Companies Act
1996 and the Companies Act 2006 relating to accounts shall have effect in
their application to authorised insurers subject to this Act and to
regulations made under this Act.
(2) Regulations may provide for authorised insurers to be subject to a
system of accounting that shall be adopted in place of that provided for
in subsection (1) and for this purpose may require compliance with
standards or the adoption of practices recommended by a body specified
in the regulations, and may in particular require compliance with
standards or the adoption of practices recommended by that body from
time to time (that is, after as well as before the making of the
regulations).
(3) A copy of the audited annual accounts of every authorised insurer shall
be produced to the Authority within 21 days after the date of the meeting
at which the accounts were approved by the board of directors and in
any event within 6 months after the close of the year to which they
relate.27
(4) Such statements, reports, certificates and information as may be required
by regulations made under this Act, or required by any other enactment
to be annexed or attached to the annual accounts for any purpose shall
be produced to the Authority at the same time as the annual accounts are
submitted.28
(5) The Authority may exempt in writing an insurer specified in the
exemption from any provision contained in regulations made under this
Act relating to accounts.29
15 Auditor
[1986/24/14]
(1) Every authorised insurer shall appoint a person as auditor to the insurer
in accordance with section 29.
(2) An authorised insurer shall give notice in writing to the Authority
immediately it receives notice of any resolution intended to be moved at
the insurer’s annual general meeting to appoint as auditor a person other
Section 16 Insurance Act 2008
Page 12 AT 16 of 2008 c
than the retiring auditor or providing expressly that a retiring auditor
shall not be appointed.30
(3) Where, for any reason, the appointment of an auditor comes to an end
the insurer and the auditor shall, not more than 14 days after the
termination, each give notice in writing to the Authority of the reasons
for the termination.31
CHAPTER II
General requirements that apply to all authorised insurers
16 Restriction of business to insurance
[1986/24/18]
An authorised insurer shall not carry on any activities, in the Island or
elsewhere, otherwise than in connection with or for the purpose of its insurance
business.
17 Management
[1986/24/19]
Every authorised insurer shall —
(a) have an appropriate level of management in the Island; or
(b) appoint a registered insurance manager in the Island,
with adequate experience of the insurance business carried on.
CHAPTER III
Requirements that apply to all insurers carrying on long-term business
18 Actuary
[1986/24/13]
(1) Every authorised insurer carrying on long-term business shall appoint as
actuary to the insurer a person who is qualified in accordance with
subsection (2).
(2) A person shall be qualified for appointment under subsection (1) if —
(a) that person —
(i) is a Fellow of the Institute of Actuaries;
(ii) is a Fellow of the Faculty of Actuaries; or
(iii) satisfies the Authority that such person has some other
actuarial qualification of similar standing; and32
Insurance Act 2008 Section 18
c AT 16 of 2008 Page 13
(b) the Authority is satisfied that such person has experience that fits
such person to undertake the functions of an actuary under this
Act.33
(3) No appointment shall be made under subsection (1) unless a written
notice containing such particulars as may be prescribed is served on the
Authority by the insurer concerned not less than 28 days before the
appointment or such shorter period as the Authority may agree in
writing.34
(4) If it appears to the Authority that a person is not a fit and proper person
to be appointed as actuary under subsection (1), the Authority may direct
that such person shall not, without the written consent of the Authority,
be appointed as actuary.35
(5) If it appears to the Authority that an appointed actuary of an authorised
insurer carrying on long-term business is not a fit and proper person to
continue as such, the Authority may direct that such person shall not,
without the written consent of the Authority, continue as appointed
actuary.36
(6) The Authority shall give written notice to the person concerned of any
decision to make a direction under this section.37
(7) Except where the Authority is satisfied that urgent action is necessary,
the notice under subsection (6) shall be served on the person not less
than 28 days before the date on which the direction is to take effect.38
(8) Any consent by the Authority under subsections (4) or (5) may be —
(a) given subject to conditions;
(b) varied from time to time; or
(c) revoked at any time,
and the Authority shall give written notice to the person concerned of
any decision to exercise the powers conferred by paragraph (a), (b) or
(c).39
(9) No person shall accept or continue in any appointment referred to in
subsection (4) or (5) in contravention of a direction under this section.
(10) It is the duty of an authorised insurer carrying on long-term business to
take care not to appoint or continue the appointment of a person in
contravention of a direction under this section.
(11) Whenever an appointment under subsection (1) comes to an end the
insurer shall —
(a) within 14 days of the termination of the appointment, notify the
Authority in writing of the termination and the reason for the
termination;40
Section 19 Insurance Act 2008
Page 14 AT 16 of 2008 c
(b) satisfy the Authority that appropriate arrangements have been
made to cover any absence of an appointed actuary; and41
(c) as soon as practicable following the termination, make a new
appointment under subsection (1).
(12) An insurer which fails to comply with subsection (11)(b) shall not effect
any new long-term insurance contracts until a new appointment is made.
(13) Whenever an appointment under subsection (1) comes to an end the
person ceasing to be the appointed actuary shall serve a written notice on
the Authority containing such particulars as may be prescribed within 14
days of such cessation.42
(14) The Authority may appoint a person qualified in accordance with
subsection (2) as actuary to an insurer who has failed to make an
appointment under subsection (11)(c) and such appointment shall be
deemed to have been made by the insurer.43
19 Assets attributable to long-term business
[1986/24/15(1) to (3)]
(1) All receipts of an authorised insurer’s long-term business shall be carried
to, and form part of, a special fund with an appropriate name (in this Act
referred to as a “long-term business fund
”).
(2) Every authorised insurer carrying on long-term business shall keep its
accounts in respect of such business separate from any accounts kept in
respect of any other business.
(3) Every authorised insurer shall maintain books of account and other
records such that —
(a) the assets in its long-term business fund; and
(b) the liabilities of its long-term business,
can be readily identified at any time.
20 Use of long-term business assets
[1986/24/15(4) to (8)]
(1) Subject to subsection (2), the assets in an authorised insurer’s long-term
business fund shall be applicable only for the purposes of that business
notwithstanding any arrangement for its subsequent repayment out of
receipts of business other than long-term business.
(2) The restriction imposed by subsection (1) shall not apply to so much of
those assets as are certified by the actuary to the insurer to exceed the
extent (as so certified) of the liabilities of the insurer’s long-term
business.
(3) No transfer of assets from the long-term business fund, other than a
transfer in accordance with subsection (1), shall be effected without —
Insurance Act 2008 Section 21
c AT 16 of 2008 Page 15
(a) the authority of a resolution of the directors of the insurer; and
(b) the written consent of the actuary to the insurer.
(4) Any mortgage, charge or lien shall be void to the extent to which it
contravenes subsection (1).
(5) No such insurer shall declare or pay a dividend to any person other than
a policyholder unless —
(a) at a date within the year immediately preceding the declaration of
the dividend, the value of the assets in its long-term business fund
as certified by the actuary to the insurer, exceeds the extent (as so
certified) of the liabilities of the insurer’s long-term business; and
(b) the amount of such dividend shall not be such as to cause the
margin of solvency of the insurer to fall below the amount
required under section 12.
CHAPTER IV
Transfer of insurance business
21 Transfer of insurance business
[1986/24/16]
(1) Schedule 2 (transfer of long-term business) shall have effect.
(2) Regulations may provide for the provisions of Schedule 2 to have effect
in relation to insurance business which is not long-term business subject
to the modifications set out in the regulations.
PART 5 – FOREIGN INSURERS
22 Foreign insurers
[1986/24/25(1)]
(1) Where the Authority, upon application by any person, is satisfied that
the person is carrying on or has carried on any class of insurance
business in a country other than the Island in accordance with the laws of
that country, the Authority may issue a permit to that person.44
(2) Sections 6(3), 8, 9, 10, 11, 16 and 17 shall have effect, with the necessary
modifications, in relation to applicants for permits, permits, and persons
who are the holders of permits issued under this section as they apply to
applicants for authorisation, authorisations and authorised insurers.
(3) Regulations may direct that any provision of this Act or any regulations
made under this Act shall apply to persons who are the holders of
permits issued under this section, subject to such exceptions, adaptations
and modifications as may be specified.
Section 23 Insurance Act 2008
Page 16 AT 16 of 2008 c
PART 6 – INSURANCE MANAGERS AND INSURANCE
INTERMEDIARIES
CHAPTER I
Insurance Managers
23 Insurance managers
[1986/24/27(1), (1A) and (5)]
(1) A person may, in the course of a business carried on in or from the
Island, act as and hold itself to be an insurance manager for, or in
relation to, an insurer, if that person is —
(a) registered in the register of insurance managers; or
(b) exempted from registration by regulations.
(2) A registered insurance manager shall not carry on any activities, in the
Island or elsewhere —
(a) otherwise than in connection with or for the purpose of that
person’s business as an insurance manager;
(b) unless the activity is an activity prescribed by regulations.
(3) Where a person carries on a business which in any respect is or in the
opinion of the Authority appears to be of a similar character to the
business carried on by an insurance manager, that person upon a
declaration made by the Authority in writing shall be subject to the
provisions of this section and shall be deemed to be acting as an
insurance manager.45
CHAPTER II
Insurance Intermediaries
24 Insurance intermediaries
[1996/4/1(1)]
A person may, in the course of a business carried on in or from the Island, act as
and hold 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 if that person is —
(a) registered in the register of insurance intermediaries; or
(b) exempted from registration by regulations.
Insurance Act 2008 Section 25
c AT 16 of 2008 Page 17
CHAPTER III
Common provisions
25 Registration under this Part
[1996/4/2;1986/24/27(2) & (4);1996/4/1(7)]
(1) Applications for registration under this Part shall be made in writing to
the Authority.46
(2) An applicant for registration under this Part shall provide such
documents and information as may be required by the Authority.47
(3) The Authority shall not register an applicant unless the Authority is
satisfied that —
(a) the applicant is a fit and proper person;
(b) in the case of an applicant which is a body corporate, its
controller, directors and chief executive (if any) are fit and proper
persons;
(c) the applicant has an appropriate level of management in the
Island with adequate experience of the applicant’s business; and
(d) the applicant —
(i) has effected a policy of professional indemnity insurance in
a prescribed form indemnifying the applicant; or48
(ii) where the application is for registration as an insurance
manager and the applicant is a company which is to act
only as insurance manager for associate companies, is
otherwise indemnified by an associate company,
to such sum, in such manner, in respect of such matters, and valid
for such minimum period as may be prescribed.49
(4) The Authority may refuse to register any applicant for registration if the
Authority thinks it proper to do so.50
(5) The Authority may at any time —
(a) make the continued registration of a registered insurance
manager or registered insurance intermediary subject to
conditions;
(b) vary or revoke any conditions imposed.51
(6) No contract shall be void or unenforceable, and no right of action in civil
proceedings in respect of any loss shall arise, by reason only of the failure
of a person to be a registered insurance intermediary under this Act.
Section 26 Insurance Act 2008
Page 18 AT 16 of 2008 c
26 Cancellation or restriction
[1996/4/4; 1986/24/27(4); 1996/4/2(4)]
(1) The Authority may at any time —
(a) cancel the registration of a registered insurance manager or a
registered insurance intermediary;
(b) where a class of insurance intermediaries is exempted from
registration under this Act, cancel the exemption so far as it
applies to a particular person;
(c) direct a registered insurance manager not to provide management
services to insurers to whom it was not providing management
services before the direction was made; or
(d) direct a registered insurance intermediary not to act as insurance
intermediary in respect of contracts of insurance which are
effected following the direction.52
(2) The Authority shall give to the manager or intermediary concerned
written notice of intention to cancel the registration or exemption or to
make a direction (as the case may be), and such notice shall include a
statement of reasons for the proposed cancellation or direction.53
(3) Except where the Authority is satisfied that urgent action is necessary, a
notice under subsection (2) shall be served on the manager or
intermediary concerned not less than 8 weeks before the date on which
the registration or exemption is to be cancelled or the direction is to be
made.54
(4) Subsection (3) shall not apply where the manager or intermediary
consents to the cancellation or making of the direction.
(5) [Repealed]55
(6) Where a registration or exemption has been cancelled or a direction has
been made under this section, the manager or intermediary concerned
shall, if required by the Authority, give notice of the cancellation or
direction in such manner and to such persons as the Authority may
direct.56
(7) Registration of a registered insurance intermediary shall expire on the
anniversary of such registration unless previously cancelled or
suspended.
27 Winding up of insurance managers and insurance intermediaries
[1996/4/10A]
(1) The Authority may present a petition for the winding up of any
insurance manager or insurance intermediary that is a company in
accordance with the Companies Acts 1931 to 2004, the Companies Act
2006 or the Limited Liability Companies Act 1996, as appropriate.57
Insurance Act 2008 Section 28
c AT 16 of 2008 Page 19
(2) A petition under subsection (1) may be presented on the ground —
(a) that the company is unable to pay its debts within the meaning of
section 162 or section 307 of the Companies Act 1931 (as the context
requires);
(b) that the company has failed to satisfy an obligation to which it is
or was subject by virtue of this Act;
(c) that the company has carried on in business otherwise than in
accordance with this Part;
(d) that the company, being under a statutory obligation with respect
to the keeping of accounting records, has failed to satisfy that
obligation or to produce records kept in satisfaction of that
obligation and that the Authority is unable to ascertain its
financial position; or58
(e) that it is expedient in the public interest that the company should
be wound up.
PART 7 – CONNECTED PERSONS
28 Persons to whom this Part applies
(1) Subject to subsection (2), this Part applies to —
(a) an authorised insurer;
(b) a registered insurance manager; and
(c) a registered insurance intermediary,
and the expression “a person to whom this Part applies
” shall be
construed accordingly.
(2) The Authority may by regulations exempt —
(a) a person or class of persons to whom this Part would otherwise
apply; and
(b) any other person or class of persons,
from a requirement to comply with a provision of this Part.
29 Connected persons
[1986/24/20]
(1) No person to whom this Part applies shall appoint a person as director,
chief executive, auditor or manager of that person, nor shall a person
become controller of, or insurance manager of, a person to whom this
Part applies, unless a written notice containing such particulars as may
be prescribed is served on the Authority by —
(a) in the case of a director, chief executive, auditor or manager, the
person to whom this Part applies; or
Section 29 Insurance Act 2008
Page 20 AT 16 of 2008 c
(b) in the case of a controller or insurance manager, the proposed
controller or manager,
not less than 28 days before the event or such shorter period as the
Authority may agree in writing.59
(2) If it appears to the Authority that any person is not a fit and proper
person —
(a) to be appointed as a director, chief executive, auditor or manager;
or
(b) to become a controller or insurance manager,
of a person to whom this Part applies, the Authority may direct that such
person shall not, without the written consent of the Authority, be
appointed as such a director, chief executive, auditor or manager or
become such a controller or insurance manager.60
(3) If it appears to the Authority that any —
(a) director, chief executive, auditor or manager; or
(b) controller or insurance manager,
of a person to whom this Part applies, is not a fit and proper person to
continue as such, the Authority may direct that such person shall not,
without the written consent of the Authority, continue as such a director,
chief executive, auditor, manager, controller or insurance manager.61
(4) The Authority shall give written notice to the person concerned of any
decision to make a direction under this section.62
(5) Except where the Authority is satisfied that urgent action is necessary,
the notice under subsection (4) shall be served on the person not less
than 28 days before the date on which the direction is to take effect.63
(6) Any consent by the Authority under subsection (2) or (3) may be —
(a) given subject to conditions;
(b) varied from time to time; and
(c) revoked at any time,
and the Authority shall give written notice to the person concerned of
any decision to exercise the powers conferred by paragraph (a), (b) or
(c).64
(7) No person shall —
(a) accept or continue in any appointment referred to in
subsection (2)(a) or (3)(a); or
(b) become or continue as a controller or insurance manager,
in contravention of a direction under this section.
Insurance Act 2008 Section 30
c AT 16 of 2008 Page 21
(8) It is the duty of a person to whom this Part applies to take care not to
appoint or continue the appointment of a person in contravention of a
direction under this section.
(9) In this section —
“manager” means (except in relation to references to an insurance manager) an
individual employed by the insurer concerned who, under the
immediate authority of a director or its chief executive —
(a) exercises managerial functions; or
(b) is responsible for maintaining the accounts or other records of the
insurer.
(10) This section is additional to and not in derogation of any other enactment
relating to the qualification, appointment or removal of directors or
auditors.
30 Notice of cessation
[1986/24/20A(1)]
Where a person ceases to be a director, chief executive, auditor, manager,
controller or insurance manager of a person to whom this Part applies, a written
notice containing such particulars as may be prescribed shall be served on the
Authority within 14 days of such cessation by —
(a) in each case, the person to whom this Part applies; and
(b) in the case of a person ceasing to be a chief executive, controller or
insurance manager, the person ceasing to be the chief executive,
controller or insurance manager (as the case may be).65
PART 8 – SUPERVISION
CHAPTER I
The powers of the Authority66
31 Location of assets
[1986/24/28]
(1) The Authority may direct an authorised insurer in writing, to maintain in
the Island, or transfer to and keep in the custody of a bank specified in
the direction, assets of the insurer of such value and description as may
be directed.67
(2) No assets kept in the custody of a bank pursuant to a direction given
under subsection (1) shall, so long as the direction is in force —
(a) be removed from the bank; or
(b) be made the subject of any mortgage, charge or lien,
Section 32 Insurance Act 2008
Page 22 AT 16 of 2008 c
except with the prior written consent of the Authority.68
(3) Any mortgage, charge or lien created by an authorised insurer in
contravention of subsection (2) shall be void against the liquidator and
any creditor of the insurer.
32 Winding up of insurers
[1986/24/23]
Schedule 3 (insolvency and winding up) shall have effect.
33 Residual power to impose requirements
[1986/24/22F]
(1) The Authority may require an insurer, insurance manager, insurance
intermediary or any other person involved in the management or
administration of an insurer, insurance manager or insurance
intermediary to take such action as appears to the Authority to be
necessary to fulfil the regulatory objectives referred to in section 1 and,
but without prejudice to the generality of that power —
(a) for the purpose of protecting policyholders or potential
policyholders of an insurer against the risk that such insurer may
be unable to meet its liabilities;
(b) in the case of long-term business, to fulfil the reasonable
expectations of policyholders or potential policyholders; or
(c) for the purpose of ensuring that the criteria of sound and prudent
management are fulfilled with respect to a person referred to in
subsection (1).69
(2) The power to make a requirement under this section is additional to the
other provisions of this Act, any public document under it and any
powers of the Authority under this Act.70
34 Publication of information and advice
[1986/24/24A]
(1) The Authority may publish information or give advice, or arrange for the
publication of information or the giving of advice, in such form and
manner as the Authority considers appropriate with respect to —
(a) the operation of this Act and any public document made under it,
including in particular —
(i) the rights of any policyholders;
(ii) the duties of insurers, insurance managers, insurance
intermediaries and any other person involved in the
management or administration of an insurer, insurance
manager or insurance intermediary; and
Insurance Act 2008 Section 35
c AT 16 of 2008 Page 23
(iii) the steps to be taken for enforcing those rights or
complying with those duties;
(b) any other matters about which it appears to the Authority to be
desirable to publish information or give advice for the protection
of policyholders or any class of policyholders.71
72
(2) The Authority may offer for sale copies of information published under
this section and may, if the Authority thinks fit, make a reasonable
charge for advice given under this section at any person’s request.73
(3) This section shall not be construed as authorising the disclosure of
information the publication of which is prohibited under paragraph 2 of
Schedule 6 in any case in which it could not be disclosed apart from the
provisions of this section.
35 Public statements
[1986/24/24B;1996/4/11]
(1) The Authority may issue a public statement concerning a person if the
Authority has reasonable grounds to believe that —
(a) the person is in contravention of any provision of this Act or of
any regulations made under it;
(b) the person is in contravention of any condition imposed on,
direction given to or requirement made of such person under this
Act or any regulations made under it; or
(c) it is desirable to make the statement for the protection of any
person or any class of persons.74
(2) The Authority may pass information about an insurance intermediary to
any insurer if it appears to the Authority to be desirable to pass the
information for the protection of any client of the intermediary.75
(3) Before issuing a public statement under this section the Authority shall
send to the person concerned written notice of the proposed statement.76
(4) Except where the Authority is of the opinion that immediate action is
necessary, a notice under subsection (3) shall be sent not less than 7 days
before issuing a public statement under subsection (1) or passing
information under subsection (2).77
CHAPTER II
Inspection and investigation
36 Inspection and investigation
[1986/24/21]
Schedule 5 (inspection and investigation) shall have effect.
Section 37 Insurance Act 2008
Page 24 AT 16 of 2008 c
CHAPTER III
Civil penalties
37 Civil penalties
[1986/24/22G]
(1) A penalty of such amount as the Authority considers appropriate may be
imposed on a person by the Authority if the Authority considers that the
person has acted in contravention of a requirement imposed on that
person by or under this Act.78
(2) If a penalty is imposed under subsection (1) and the Authority considers
that the relevant contravention was caused or permitted by a controller,
director, chief executive or senior manager of the person on whom the
penalty is imposed, the Authority may in addition impose a penalty of
such amount as the Authority considers appropriate on the controller,
director, chief executive or senior manager.79
(3) Where the Authority intends to impose a penalty, the Authority shall
give notice in writing to the person concerned giving particulars of the
alleged contravention, the amount of the penalty and the reasons for the
decision.80
(4) If the person concerned does not appeal the decision under section 45,
the penalty shall be paid to the Treasury within such period as may be
prescribed.
(5) If the person concerned does appeal the decision under section 45 and on
the determination of the appeal a penalty of any amount is payable, that
penalty shall be paid to the Treasury within 14 days of the determination
of the appeal.
(6) Where the person concerned fails to pay the penalty, it may be collected
by the Treasury as a civil debt due to it.
(7) Any amount received in respect of a penalty levied under this section
shall be paid into and form part of the General Revenue of the Island.
(8) This section is in addition to and not in derogation of any other provision
of this Act that confers a power or provides for a contravention to be an
offence.
(9) In this section, “senior manager” means —
(a) an employee of the person on whom the penalty was imposed
who, jointly with the chief executive, is responsible under the
immediate authority of the directors for the conduct of the whole
of the insurance business of the person on whom the penalty was
imposed;
Insurance Act 2008 Section 38
c AT 16 of 2008 Page 25
(b) an employee of the person on whom the penalty was imposed
who, either alone or jointly with others, is responsible under the
immediate authority of the directors for the conduct of any other
aspect of the business of the person on whom the penalty was
imposed (for example finance, marketing or compliance);
(c) an employee of the person on whom the penalty was imposed, the
controller of that person or an associate of that person, who is
under the immediate authority of the controller or the directors of
an associate, and, either alone or jointly with others, is responsible
for the conduct of any such aspect of the business of the person on
whom the penalty was imposed.
PART 9 – SPECIAL REMEDIES
38 Injunctions
[1986/24/28A]
(1) If on the application of the Authority, the High Court is satisfied —
(a) that there is a reasonable likelihood that any person will
contravene any provision of this Act or any regulations made
under this Act;
(b) that any person has contravened any such provision and that
there is a reasonable likelihood that the contravention will
continue or be repeated; or
(c) that any person has contravened any such provision and that
there are steps that could be taken for remedying the
contravention,
the Court may grant an injunction restraining the contravention or, as the
case may be, make an order requiring that person and any other person
who appears to the Court to have been knowingly concerned in the
contravention to take such steps as the Court may direct to remedy it.81
(2) Nothing in this section affects the right of any person other than the
Authority to bring proceedings in respect of the matters to which this
section applies.82
39 Restitution orders
[1986/24/28B]
(1) Subject to section 41, the High Court may, on the application of the
Authority, make an order under subsection (2) if satisfied —
(a) that profits have accrued to any person as a result of that person’s
contravention of any provision of this Act or any regulations
made under this Act; or
Section 40 Insurance Act 2008
Page 26 AT 16 of 2008 c
(b) that one or more policyholders have suffered loss or been
otherwise adversely affected as a result of that contravention.83
(2) The Court may under this subsection order the person concerned to pay
into court, or appoint a receiver to recover from that person, such sum as
appears to the court to be just having regard —
(a) in a case within subsection (1)(a), to the profits appearing to the
Court to have accrued;
(b) in a case within subsection (1)(b), to the extent of the loss or other
adverse effect; or
(c) in a case within subsection (1)(a) and (b), to the profits and to the
extent of the loss or other adverse effect.
(3) Any amount paid into Court by or recovered from a person in pursuance
of an order under subsection (2) shall be paid out to such person or
distributed among such persons as the Court may direct, being a person
or persons appearing to the Court to have entered into transactions with
that person as a result of which the profits mentioned in subsection (2)(a)
have accrued to that person or the loss or adverse effect mentioned in
subsection (2)(b) has been suffered.
(4) On an application under subsection (1) the Court may require the person
concerned to furnish it with such accounts or other information as it may
require for —
(a) establishing whether any and, if so, what profits have accrued to
that person as mentioned in subsection (1)(a); and
(b) determining how any amounts are to be paid or distributed under
subsection (3),
and the Court may require any such accounts or other information to be
verified in such manner as it may direct.
(5) Nothing in this section affects the right of any person other than the
Authority to bring proceedings in respect of the matters to which this
section applies.84
40 Actions for damages
[1986/24/28C]
(1) Without prejudice to sections 38 and 39, a contravention of this Act or
any regulations made under it shall, subject to section 41, be actionable at
the suit of a person who suffers loss as a result of the contravention
subject to the defences and other incidents applying to actions for breach
of statutory duty.
(2) Subsection (1) does not apply to a contravention of any condition or
regulation relating to the financial resources of an insurer.
Insurance Act 2008 Section 41
c AT 16 of 2008 Page 27
(3) No contravention to which subsection (1) applies shall invalidate any
transaction.
41 Application of sections 39 and 40
[1986/24/28D]
Sections 39 and 40 shall apply only to contraventions in respect of activities
which constitute investment business activities within the meaning of the
Financial Services Act 2008.
PART 10 – SUPPLEMENTARY
CHAPTER I
General
42 Continuation and discontinuation of certain insurers
[1986/24/25A]
(1) The Companies (Transfer of Domicile) Act 1998 shall have effect in relation
to insurers which are bodies corporate subject to the modifications set
out in Schedule 4.
(2) Subsection (1) does not apply to insurers which are companies within the
meaning of section 219(1) of the Companies Act 2006.
(3) Regulations may provide for the provisions of Part XI of the Companies
Act 2006 (continuation) to have effect in relation to insurers which are
companies or foreign companies within the meaning of that Act subject
to the modifications set out in the regulations.
43 Compensation schemes
[1988/16/21; 2000/14/40]
(1) The Authority may make regulations establishing schemes for
compensating —
(a) policyholders in cases where persons who are or have been
authorised insurers are unable or likely to be unable to satisfy
civil liability claims of policyholders under their policies;
(b) members of retirement benefits schemes in cases where a scheme
which is or has been an authorised scheme under the Retirement
Benefits Schemes Act 2000 is unable or likely to be unable to satisfy
civil liability claims of members of the retirement benefits scheme.
(2) Without prejudice to the generality of subsection (1), regulations may —
(a) provide for the administration of the scheme and the
determination and regulation of any matter relating to its
Section 44 Insurance Act 2008
Page 28 AT 16 of 2008 c
operation by such body as appears to the Authority to be
appropriate;
(b) establish a fund out of which compensation is to be paid;
(c) provide for the levying of contributions from, or from any
class of —
(i) persons who are or who have been authorised insurers; or
(ii) retirement benefits schemes which are or have been
authorised under the Retirement Benefits Schemes Act 2000,
and otherwise for financing the compensation scheme and for the
payment of contributions and other money into the fund;
(d) specify the terms and conditions on which, and the extent to
which, compensation is to be payable and any circumstances in
which the right to compensation is to be excluded or modified;
(e) provide for treating compensation payable under the scheme in
respect of a claim against any person as extinguishing or reducing
the liability of that person in respect of the claim and for
conferring on the body administering the scheme a right of
recovery against that person, being, in the event of that person’s
insolvency, a right not exceeding such right, if any, as the
claimant would have had in that event;
(f) contain incidental and supplementary provisions; and
(g) contain transitional provisions, and in particular may provide that
rights and liabilities under any existing non-statutory
compensation scheme shall be treated as rights and liabilities of
the scheme established under the regulations.
(3) Regulations may be made for the purpose of integrating any procedure
for which provision is made by virtue of paragraph 2(e) into the general
procedure on a winding-up or bankruptcy and may modify the
enactments relating to such procedure for that purpose.
44 Reasons for decisions
[1986/24/29A]
(1) This section applies in respect of all decisions that are subject to appeal
under section 45 except decisions to which sections 11(1) or 26(2) apply.
(2) The person making the decision shall give written notice stating the
reason for the decision to the person in respect of whom the decision is
made.
45 Appeals to the Insurance Tribunal
(1) For the purposes of this Act there shall be a tribunal known as the
Insurance Tribunal.
Insurance Act 2008 Section 46
c AT 16 of 2008 Page 29
(2) The Insurance Tribunal shall consist of —
(a) a chairman appointed in accordance with the Tribunals Act 2006;
and
(b) 2 members selected in accordance with regulations made under
section 9(b) of the Tribunals Act 2006 from a panel appointed in
accordance with that Act.
(3) Any person who is aggrieved by a decision of the Authority under this
Act may appeal, in accordance with rules made under section 8 of the
Tribunals Act 2006, to the Insurance Tribunal.85
(4) On the determination of an appeal under this section the Tribunal shall
confirm, vary or revoke the decision in question.
(5) Any variation or revocation of a decision shall not affect the previous
operation of that decision or anything duly done or suffered under it.
(6) Without prejudice to subsection (7), any decision of the Insurance
Tribunal on an appeal under this section shall be binding on the
Authority and the applicant.86
(7) An appeal shall lie to the High Court, in accordance with rules of court,
on a question of law from any decision of the Insurance Tribunal.
46 Restrictions on disclosure of information
[1986/24/23A;1986/24/24]
Schedule 6 (restrictions on disclosure of information) shall have effect.
47 Fees
[1986/24/7;1986/24/27A]
(1) The prescribed fees shall be payable —
(a) by the applicant in respect of any application for authorisation
under section 8;
(b) by the applicant in respect of any application for a permit under
section 22;
(c) by each authorised insurer annually on such date in each year as
may be prescribed;
(d) by each holder of a permit issued under section 22 annually on
such date in each year as may be prescribed;
(e) by the applicant in respect of any application for registration as an
insurance manager under section 25;
(f) by each registered insurance manager annually on such date in
each year as may be prescribed; and
(g) by the applicant in respect of every application for registration as
an insurance intermediary under section 25,
Section 48 Insurance Act 2008
Page 30 AT 16 of 2008 c
as the case may require.
(2) Any unpaid fee under subsection (1)(c), (d) and (f) may be sued for by
the Authority as a civil debt due to the Authority.87
48 Registers
[1986/24/8; 1996/4/3]
(1) The Authority shall keep registers of —
(a) authorised insurers;
(b) the holders of permits issued under section 22;
(c) insurance managers; and
(d) insurance intermediaries,
in such form and which shall contain such particulars as may be
prescribed.88
(2) The registers shall be kept at the office of the Authority or such other
place as may be prescribed.
(3) The registers shall be public registers and shall be open to inspection at
any time during the ordinary office hours of the Authority.
49 [Repealed]
89
50 Regulations
[1986/24/32;1996/4/13]
(1) The Authority may make such regulations as it considers are necessary
or desirable to carry this Act into effect and, without prejudice to the
generality of that power, such regulations may provide for any of the
matters mentioned in Schedule 7.
(2) Regulations may provide for their contravention to be an offence.
(3) Before making any regulations under this section the Authority shall
consult with the Treasury and such other organisations and persons as
appear to it to be likely to be affected by the proposed regulations.
(4) Regulations shall 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.
51 Guidance Notes
[1986/24/24C]
(1) The Authority may issue Guidance Notes for the purpose of providing
binding guidance with respect to —
(a) this Act and any public document made under it;
Insurance Act 2008 Section 51
c AT 16 of 2008 Page 31
(b) the duties of insurers, insurance managers, insurance
intermediaries and any other person involved in the management
or administration of an insurer, insurance manager or insurance
intermediary;
(c) the rights of policyholders;
(d) the steps to be taken for enforcing those rights or complying with
those duties;
(e) any matters about which it appears to the Authority to be
desirable to give guidance for the protection of policyholders or
any class of policyholders;90
(f) any matter falling within the regulatory objectives under section 1
about which it appears to the Authority to be desirable to give
guidance;91
(g) any matter in respect of which regulations may be made under
this Act.92
(2) The Authority shall take such supervisory action as the Authority
believes to be appropriate and proportionate in the event of a failure on
the part of an insurer, insurance manager, insurance intermediary or any
other person involved in the management or administration of an
insurer, insurance manager or insurance intermediary to observe any
provision of Guidance Notes.93
(3) Subject to subsections (2) and (5), a failure on the part of any person to
observe any provision of Guidance Notes shall not of itself render that
person liable to civil or criminal proceedings in any court.
(4) Where in any criminal or civil proceedings or civil penalty proceedings
under any enactment, a person is alleged to have been in contravention
of any provision of any enactment being an enactment in respect of
which there were Guidance Notes at the time of the alleged
contravention, any provision of the Guidance Notes which appears to be
relevant to the contravention shall be admissible in evidence in the
proceedings.
(5) In this section, “supervisory action” means the exercise of such power
(including the imposition of a civil penalty under section 37) as is
permitted by any enactment in or under this Act.
(6) Guidance Notes shall not be issued or withdrawn before the Authority
has consulted such persons or bodies as appear to the Authority to be
appropriate.94
(7) Guidance Notes under this section shall be laid before Tynwald as soon
as practicable after being issued.
Section 52 Insurance Act 2008
Page 32 AT 16 of 2008 c
CHAPTER II
Offences and penalties
52 False statements, etc
[1986/24/30]
No person shall —
(a) cause or permit to be included in any book or document provided
or produced to the Authority, a statement which that person
knows to be false in a material particular or recklessly causes or
permits to be so included any statement which is false in a
material particular; or95
(b) in purported compliance with any provision of this Act or a
requirement imposed under any such provision, provide
information which that person knows to be false in a material
particular or recklessly provides information which is false in a
material particular.
53 Offences
[1986/24/31;1986/24;20A(3);1996/4/15]
(1) An authorised insurer commits an offence if it fails to comply with —
(a) any conditions imposed under sections 8 or 9;
(b) section 14(3) or (4), subject to any exemptions granted under
section 14(5);
(c) a direction under section 18(4) or (5);
(d) section 19;
(e) section 20(1), (3) or (5); or
(f) a direction under section 31(1).
(2) A person commits an offence if that person —
(a) carries on or holds itself out as carrying on insurance business in
or from the Island otherwise than in accordance with section 5(2);
(b) acts or holds itself out as acting as an insurance manager in the
course of a business carried on in or from the Island otherwise
than in accordance with section 23(1) or (2);
(c) acts or holds itself out as acting as an insurance intermediary in
the course of a business carried on in or from the Island 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 otherwise than in accordance with section 24;
Insurance Act 2008 Section 53
c AT 16 of 2008 Page 33
(d) in the course of business intentionally takes or uses any style, title
or description falsely implying, or otherwise pretending, that such
person is registered under section 25; or
(e) fails to comply with —
(i) a direction under section 26(1);
(ii) a requirement under section 26(6);
(iii) a direction under section 29(2) or (3);
(iv) section 30;
(v) a requirement under section 33(1);
(vi) section 52;
(vii) paragraphs 4 or 12 of Schedule 2;
(viii) paragraph 1(4) of Schedule 5;
(ix) paragraph 2(4) of Schedule 5;
(x) paragraph 3(6) of Schedule 5; or
(xi) paragraph 1(1) of Schedule 6.
(3) A person guilty of an offence under any provision of this Act or
regulations made under this Act is liable —
(a) on summary conviction, to a fine not exceeding £5,000 or to
custody for a term not exceeding 6 months, or to both;
(b) on conviction on information, to a fine or to custody for a term not
exceeding 2 years, or to both.
(4) In proceedings against a person for an offence under this Act or
regulations it shall be a defence for the person to show that such person
took all reasonable steps and exercised all due diligence to avoid
committing the offence.
(5) In proceedings against a person for a contravention of section 30, it shall
be a defence for that person to show that such person did not know of
the cessation of director, chief executive, auditor, manager, controller or
insurance manager (as the case may be).
(6) Where an offence under this Act committed by a body corporate is
proved to have been committed with the consent or connivance of, or to
be attributable to any neglect on the part of, any director, chief executive,
manager, secretary or other similar officer of the body corporate or any
person who was purporting to act in such capacity, that person, as well
as the body corporate, shall be guilty of that offence and liable to be
proceeded against and punished accordingly.
(7) Where the affairs of a body corporate are managed by its members,
subsection (6) applies in relation to the acts and defaults of a member in
connection with the member’s functions of management as if the
member were a director of the body corporate.
Section 54 Insurance Act 2008
Page 34 AT 16 of 2008 c
(8) No person shall be prosecuted for an offence under this Act without the
consent of the Attorney General.
CHAPTER III
Final provisions
54 Interpretation
[1986/24/34]
(1) In this Act —
“actuary to the insurer
” means the person appointed as such in accordance
with section 18;
“advertisement
” includes every form of advertising, whether in a publication or
by the display of notices or by means of circulars or other documents or
by an exhibition of photographs or cinematograph films or by way of
sound broadcasting, television, telecommunications or any electronic
media;
“annual accounts
” means —
(a) where section 14(1) applies —
(i) the revenue or fund account for the financial year;
(ii) the profit and loss account for the financial year or, in the
case of an insurer not trading for profit, an income and
expenditure account for that year; and
(iii) the balance sheet as at the end of the financial year,
in such forms as may be prescribed; or
(b) where regulations apply for the purposes of section 14(2), such
accounts for such period as may be specified in those regulations
in such forms as may be prescribed;
“associate
” means, in relation to any person —
(a) the spouse or civil partner or minor son, step-son, daughter or
step-daughter of that person;96
(b) any company of which that person is a director;
(c) any person who is an employee or partner of that person;
(d) if that person is a body corporate —
(i) any director of that body;
(ii) any subsidiary of that body;
(iii) any holding company of that body;
(iv) any subsidiary of that holding company;
(v) any director or employee of any such holding company or
subsidiary;
Insurance Act 2008 Section 54
c AT 16 of 2008 Page 35
“authorised
” in relation to an insurer means authorised under section 8 to carry
on an insurance business, and
“authorisation
” shall be construed accordingly;
“the Authority
” means the Isle of Man Financial Services Authority (as
established by article 4 of the Transfer of Functions(Isle of Man Financial
Services Authority) Order 2015);97
“chief executive
” means —
(a) in relation to an authorised insurer, an employee of such insurer,
who, either alone or jointly with others, is responsible under the
immediate authority of the directors for the conduct of the whole
of the insurance business of that insurer;
(b) in relation to an insurance manager or insurance intermediary
which is a body corporate, an employee of such body, who, either
alone or jointly with others, is responsible under the immediate
authority of the directors for the conduct of the whole of the
business of the body;
“company
” means a company —
(a) incorporated under the Companies Acts 1931 to 2004 or an
existing company within the meaning of the Companies Act 1931;
(b) incorporated under the Companies Act 2006; or
(c) formed under the Limited Liability Companies Act 1996;
“conditions
” includes restrictions;
“contract of insurance
” includes any contract the effecting of which constitutes
the carrying on of insurance business;
“controller
” in relation to a person which is a body corporate, means —
(a) a managing director of a body corporate of which the person is a
subsidiary;
(b) a chief executive of a body corporate of which the person is a
subsidiary;
(c) a person in accordance with whose directions or instructions one
or more of the directors of a body corporate of which the person is
a subsidiary are accustomed to act unless the director or directors
are accustomed so to act by reason only that they do so on advice
given by that person in a professional capacity; or
(d) a person who either alone or with any associate or associates is
entitled to exercise or control the exercise of 15 per cent or more of
the voting power at any general meeting of the person or of
another body corporate of which it is a subsidiary;
“crime
” means any conduct which —
Section 54 Insurance Act 2008
Page 36 AT 16 of 2008 c
(a) constitutes one or more criminal offences (whether under the law
of the Island or of any country or territory outside the Island); or
(b) is, or corresponds to, any conduct which, if it all took place in the
Island, would constitute one or more criminal offences;
“criminal investigation
” means an investigation of any crime, including an
investigation of any alleged or suspected crime and an investigation of
whether a crime has been committed;
“director
” means any person appointed as a director of any body corporate and
includes —
(a) any person occupying the position of director by whatever name
called;
(b) any person in accordance with whose directions or instructions
one or more of the appointed directors are accustomed to act
unless the appointed director or directors are accustomed so to act
by reason only that they do so on advice given by that person in a
professional capacity;
“financial crime
” includes any crime involving —
(a) fraud or dishonesty;
(b) misconduct in, or misuse of information relating to, a financial
market; or
(c) handling the proceeds of crime or funds connected with
terrorism;
“insurance
” includes assurance and reinsurance;
“insurance business
” means the business of effecting or carrying out of
contracts of insurance and includes —
(a) the effecting or carrying out by a person of contracts for fidelity
bonds, performance bonds, administration bonds, bail bonds or
customs bonds or similar contracts of guarantee, being contracts
effected by way of business (and not merely incidentally to some
other business carried out by the person effecting them) in return
for the payment of one or more premiums;
(b) the effecting or carrying out of tontines;
(c) the effecting or carrying out, by a body that carries on business
which is insurance business apart from this paragraph, of capital
redemption contracts;
(d) the effecting or carrying out of contracts to pay annuities on
human life;
(e) the effecting or carrying out of contracts that include provisions of
insurance or that include options to enter into contracts of
insurance;
“insurance intermediary
” means —
Insurance Act 2008 Section 54
c AT 16 of 2008 Page 37
(a) a person who holds an appointment in writing from an insurer
enabling that person to conclude contracts of insurance on behalf
of, or place insurance business with, that insurer; or
(b) a person who brings together, either directly or through the
agency of a third party, with a view to the insurance of risks,
persons seeking insurance and insurers, and carries out work
preparatory to the conclusion of contracts of insurance;
“insurance manager
” means a person, not being an employee of an insurer,
who —
(a) provides management services for one or more insurers; or
(b) holds that person out as a manager in relation to one or more
insurers,
but does not include the keeping of insurance business accounts for an
authorised insurer or an insurance manager;
“Insurance Tribunal
” means the tribunal established under section 45;
“insurer
” means a person carrying on an insurance business (and includes an
authorised insurer and an insurer which is the holder of a permit issued
under section 22);
“long-term business
” means any kind of insurance business declared by
regulations to be long-term business;
“long-term business fund
” has the meaning given by section 19(1);
“long-term insurance contracts
” means contracts, the effecting or carrying out
of which constitutes long-term business;
“policyholder
” means a person who for the time being is the legal holder of a
policy for securing a contract with an insurer, and —
(a) in relation to such long-term business as consists in the granting
of annuities upon human life, includes an annuitant; and
(b) in relation to insurance business of any other kind, includes a
person to whom, under a policy, a benefit is due or a periodic
payment is payable;
“prescribed
” means prescribed by regulations;
“register
” means the register of authorised insurers, insurance managers or
insurance intermediaries (as the context requires) kept by the Authority
under this Act, and98
“registration
” and “registered
” shall be construed accordingly;
“regulations
” means regulations made under section 50;
“Retirement Benefits Schemes Tribunal
” means the tribunal established under
section 38 of the Retirement Benefits Schemes Act 2000;
Section 55 Insurance Act 2008
Page 38 AT 16 of 2008 c
“subsidiary
” has the meaning given by section 1 of the Companies Act 1974 or
section 220 of the Companies Act 2006 (as the context requires).
“Supervisor
” [Repealed]99
(2) For the purposes of this Act, a person is treated as carrying on business
in or from the Island or acting in the course of a business carried on in or
from the Island (as the case may be) if that person is —
(a) a company incorporated in the Island; or
(b) a company incorporated outside the Island which is registered
under the Foreign Companies Act 2014; or100
(c) a limited partnership registered in the Island under Part II of the
Partnership Act 1909,
and carries on, or acts in the course of a, business outside the Island.
55 Financial provisions
[1986/24/33]
(1) The expenses incurred for the purposes of this Act by the Treasury and
the Authority shall be defrayed out of moneys provided by Tynwald.101
(2) Any fees payable under this Act shall form part of the General Revenue
of the Island.
56 Amendments
The enactments specified in Schedule 8 are amended in accordance with that
Schedule.102
57 Repeals
The enactments specified in Schedule 9 are repealed in accordance with that
Schedule.103
58 Savings and transitional provisions
The saving and transitional provisions in Schedule 10 shall have effect.
59 Short title and commencement
(1) This Act may be cited as the Insurance Act 2008.
(2) This Act shall come into operation on such day as may be appointed by
order made by the Authority and different days may be so appointed for
different provisions and for different purposes.104
(3) An order under subsection (2) may make such transitional and saving
provisions as the Authority considers necessary in connection with any
provision brought into force by the order.
Insurance Act 2008 SCHEDULE 1
c AT 16 of 2008 Page 39
SCHEDULE 1
105
SCHEDULE 2
[1986/24/Sch. 2]
TRANSFER OF LONG-TERM BUSINESS
Section 21(1)
1. Where it is proposed to carry out a scheme under which the whole or part of the
long-term business carried on by an insurer (“the transferor”) is to be transferred to
another insurer (“the transferee”) the transferor or transferee may apply to the Civil
Division, by petition, for an order sanctioning the scheme.106
2. The court shall not determine an application under this Schedule unless —
(a) the petition is accompanied by a report on the terms of the scheme
by an independent actuary (not being an employee of, or the
actuary to, either insurer); and
(b) the court is satisfied that the requirements of paragraph 3 have
been complied with or that in the circumstances compliance is
unnecessary.
3. The requirements referred to in paragraph 2(b) are —
(a) that a notice has been published in two newspapers published
and circulating in the Island stating that the application has been
made and giving the address of the offices at which, and the
period for which, copies of the documents mentioned in sub-
paragraph (d) will be available as required by that sub-paragraph;
(b) except where the court has otherwise directed, that a statement —
(i) setting out the terms of the scheme; and
(ii) containing a summary of the report mentioned in
paragraph 2(a) sufficient to indicate the opinion of the
actuary on the likely effects of the scheme on the long-term
policyholders of the insurers concerned,
has been sent to each of those policyholders and to every member
of those insurers;
(c) that a copy of the petition, of the report mentioned in
paragraph 2(a) and of any statement sent out under sub-
paragraph (b) has been served on the Authority and that a period
of not less than 3 weeks has elapsed since the date of such
service;107
(d) that copies of the petition and of the report mentioned in
paragraph 2(a) have been open to inspection at offices in the
Island of the insurers concerned or their representatives for a
SCHEDULE 2 Insurance Act 2008
Page 40 AT 16 of 2008 c
period of not less than 3 weeks beginning with the date of the first
publication of a notice in accordance with sub-paragraph (a).
4. Each of the insurers concerned shall furnish a copy of the petition and of the
report mentioned in paragraph 2(a) to any person who asks for one at any time before
an order sanctioning the scheme is made on the petition.
5. On any petition under this Schedule —
(a) the Authority; and108
(b) any person (including any employee of the transferor or the
transferee) who alleges that such person would be adversely
affected by the carrying out of the scheme,
shall be entitled to be heard.
6. The court shall not make an order sanctioning the scheme unless it is
satisfied —
(a) where the transferor is an authorised insurer, that the transferee
is, or immediately after the making of the order will be,
authorised to carry on any long-term business to be transferred
under the scheme;
(b) where the transferor is the holder of a permit issued under
section 22, that the transferee is, or immediately after the making
of the order will be —
(i) authorised to carry on any long-term business to be
transferred under the scheme;
(ii) the holder of a permit issued under section 22 in respect of
any long-term business to be transferred under the scheme;
or
(iii) carrying on long-term insurance business in a country
other than the Island in accordance with the laws of that
country; or
(c) where the transferor is neither an authorised insurer nor the
holder of a permit issued under section 22, but is carrying on
long-term insurance business in a country other than the Island in
accordance with the laws of that country, that the transferee is, or
immediately after the making of the order will be —
(i) authorised to carry on any long-term business to be
transferred under the scheme; or
(ii) the holder of a permit issued under section 22 in respect of
any long-term business to be transferred under the scheme.
7. No such transfer as is mentioned in paragraph 1 shall be carried out unless the
scheme relating to the transfer has been sanctioned by the court in accordance with this
Schedule.
Insurance Act 2008 SCHEDULE 2
c AT 16 of 2008 Page 41
8. No order shall be made under section 152 or 153 of the Companies Act 1931 or
sections 157 or 158 of the Companies Act 2006 in respect of so much of any compromise
or arrangement as involves any transfer as is mentioned in paragraph 1.
9. Where the court makes an order under this Schedule sanctioning a scheme the
court may, either by that order or by any subsequent order, make provision for all or
any of the following matters —
(a) the transfer to the transferee of the whole or any part of the
undertaking and of the property or liabilities of the transferor;
(b) the allotting or appropriation by the transferee of any shares,
debentures, securities, policies or other like interests in the
transferee which under the scheme are to be allotted or
appropriated by the transferee to or for any person;
(c) the continuation by or against the transferee of any legal
proceedings pending by or against the transferor;
(d) the dissolution, without winding up, of the transferor;
(e) such incidental, consequential and supplementary matters as are
necessary to secure that the scheme shall be fully and effectively
carried out.
10. Where any such order provides for the transfer of property or liabilities, that
property shall, by virtue of the order, be transferred to and vest in, and those liabilities
shall, by virtue of the order, be transferred to and become the liabilities of, the
transferee, and in the case of any property, if the order so directs, freed from any
mortgage or charge which is by virtue of the scheme to cease to have effect.
11. For the purposes of any provision requiring the delivery of an instrument of
transfer as a condition for the registration of a transfer of any property (including in
particular section 64 of the Companies Act 1931 and section 47 of the Companies Act 2006)
an order which by virtue of this Schedule operates to transfer any property shall be
treated as an instrument of transfer.
12. Where a scheme is sanctioned by an order of the court under this Schedule the
transferee shall, within 10 days from the date on which the order is made, or such
longer period as the Authority may allow, deposit 2 certified copies of the order with
the Authority.109
13. In this Schedule —
(a) “property
” includes property, rights and powers of every
description;
(b) “liabilities
” includes duties;
(c) “share
” and “debenture
” have the same meaning as in the
Companies Act 1931; and
(d) “securities
” has the same meaning as in the Companies Act 2006.
SCHEDULE 3 Insurance Act 2008
Page 42 AT 16 of 2008 c
SCHEDULE 3
1986/24/Sch 3
INSOLVENCY AND WINDING UP
Section 32
Winding up of insurers
1. (1) The provisions of the Companies Acts 1931 to 2004, the Companies Act
2006 and the Limited Liability Companies Act 1996 relating to the winding up of
companies shall, in relation to any insurance company, have effect subject to the
provisions of this Schedule.
(2) In this Schedule, “insurance company
” means a company which is an
insurer.
2. Subject to paragraph 3, a petition for the winding up of an insurance company
shall not be presented except by leave of the court.
3. Paragraph 2 shall not apply to a petition presented by the Authority.110
Winding up on petition of Authority111
4. The Authority may present a petition for the winding up, in accordance with
section 164 of the Companies Act 1931, of any insurance company, on the ground —
(a) that the company is unable to pay its debts within the meaning of
section 162 of the Companies Act 1931 or section 13(7) of this Act;
(b) that the company has failed to satisfy an obligation to which it is
or was subject by virtue of this Act or any enactment repealed by
this Act;
(c) that the company has carried on in business otherwise than in
accordance with section 5;
(d) that it is expedient in the public interest that the company should
be wound up; or
(e) that the company has failed to satisfy a statutory obligation
concerning the keeping of accounting records or the production of
records kept in satisfaction of that obligation and that the
Authority is unable to ascertain its financial position.112
113
5. In any proceedings on a petition to wind up a company presented by the
Authority under paragraph 4, evidence that such company was insolvent at the close of
the period to which the annual accounts of the company last submitted under
section 14(3) relate shall be evidence that the company continues to be unable to pay its
debts, unless the contrary is proved.114
Insurance Act 2008 SCHEDULE 3
c AT 16 of 2008 Page 43
Winding up of insurer with long-term business
6. No insurance company which carries on long-term business shall be wound up
voluntarily.
7. Subject to paragraph 8, in any winding up —
(a) the assets in the company’s long-term business fund shall be
available only for meeting the liabilities of the company
attributable to its long-term business;
(b) the other assets of the company shall be available only for meeting
the liabilities of the company attributable to its other business.
8. Where the value of the assets mentioned in either sub-paragraph of paragraph 7
exceeds the amount of the liabilities mentioned in that sub-paragraph, the restriction
imposed by that sub-paragraph shall not apply to so much of those assets as represents
the excess.
9. In relation to the assets falling within either sub-paragraph of paragraph 7 the
creditors mentioned in subsections (1) and (2) of section 185 of the Companies Act 1931
shall be only those who are creditors in respect of liabilities falling within that sub-
paragraph; and any general meetings of creditors summoned for the purposes of that
section shall accordingly be separate general meetings of the creditors in respect of the
liabilities falling within each sub-paragraph.
10. Where under section 260(l) of the Companies Act 1931, a court orders any money
or property to be repaid or restored to an insurance company or any sum to be
contributed to its assets then, if and so far as the wrongful act which is the reason for
the making of the order related to assets representing a fund or funds maintained by
the company in respect of its long-term business, the court shall include in the order a
direction that the money, property or contribution shall be treated for the purposes of
this Act as assets of that fund or funds and this Act shall have effect accordingly.
Continuation of long-term business of insurers in liquidation
11. This paragraph and paragraphs 12 to 18 have effect in relation to the winding
up of an insurance company carrying on long-term business.
12. The liquidator shall, unless the court otherwise orders, carry on the longterm
business of the company with a view to its being transferred as a going concern to
another body corporate, whether an existing body corporate or a body corporate
formed for that purpose.
13. In carrying on a business in accordance with paragraph 12, the liquidator may
agree to the variation of any contracts of insurance in existence when the winding up
order is made but shall not effect any new contracts of insurance.
SCHEDULE 3 Insurance Act 2008
Page 44 AT 16 of 2008 c
14. If the liquidator is satisfied that the interests of the creditors in respect of
liabilities of the company attributable to its long-term business require the
appointment of a special manager of the company’s long-term business, the liquidator
may apply to the court.
15. On an application under paragraph 14, the court may appoint a special manager
of the company’s long-term business to act during such time as the court may direct,
with such powers, including any of the powers of a receiver or manager, as may be
entrusted to that person by the court.
16. A special manager appointed under paragraph 15 shall —
(a) give such security and account in such manner as the court may
direct; and
(b) receive such remuneration as may be fixed by the court.
17. The court may, if it thinks fit and subject to such conditions (if any) as it may
determine, reduce the amount of the contracts made by such company in the course of
carrying on its long-term business.
18. The court may, on the application of the liquidator, a special manager appointed
under paragraph 15 or the Authority, appoint an independent actuary to investigate
the long-term business of such company and to report to the liquidator, the special
manager or the Authority, as the case may be, on the desirability or otherwise of that
business being continued and on any reduction in the contracts made in the course of
carrying on that business that may be necessary for its successful continuation.115
Reduction of contracts as alternative to winding up
19. In the case of an insurance company which has been proved to be unable to pay
its debts, the court may, if it thinks fit, reduce the amount of the contracts of the
company on such terms and subject to such conditions as the court thinks just, in place
of making a winding up order.
Insurance Act 2008 SCHEDULE 4
c AT 16 of 2008 Page 45
SCHEDULE 4
CONTINUATION AND DISCONTINUATION OF INSURANCE COMPANIES
Section 42(1)
Modifications to the 1998 Act
1. In the Companies (Transfer of Domicile) Act 1998 (“the 1998 Act”), for section 1
(application of Part 1) substitute —
“1. (1) This Part shall apply in respect of a body corporate which is —
(a) incorporated outside the Island; and
(b) permitted to carry on insurance business by the competent
authorities in the country or territory in which the body corporate
is incorporated.
(2) In this Part, a body corporate to which this Part applies is referred to as
an “offshore insurer
”.”.
2. In section 2 of the 1998 Act (application for consent to be continued in the
Island) —
(a) after subsection (2)(c), insert —
“(ca) a business plan for the continuation of the insurance
business to the satisfaction of the Authority;”116
(b) in subsection (3), after the word “business” insert “and the classes
of insurance business that it carries on”.
3. After section 5(4) of the 1998 Act (effect of continuance), insert —
“(5) If a continued insurer ceases to carry on insurance business and it
appears to the Authority that it is expedient in the public interest that the
company should be wound up, the Authority may, unless the company is
already being wound up by the court, present a petition for the winding up of
the company if the court thinks it proper for it to be so wound up.”.117
4. For section 7 of the 1998 Act (application of Part 2) substitute —
“7. (1) This Part shall apply in respect of a company which is —
(a) incorporated under the Companies Acts; and
(b) authorised under section 8 of the Insurance Act 2008 to carry on
insurance business.
(2) In this Part, a company to which this Part applies is referred to as an “Isle
of Man insurer”.”.
5. After section 13 of the 1998 Act (consequences of discontinuance of Isle of Man
company) insert —
SCHEDULE 4 Insurance Act 2008
Page 46 AT 16 of 2008 c
“13A
Effect on insurance business
Any current authorisation issued to an Isle of Man insurer shall cease to have effect on
the date of the certificate of discontinuance.”.
6. Section 14 of the 1998 Act (review of decisions) shall not apply.
7. References in the 1998 Act to “a continued company” shall be construed as
references to “a continued insurer”.
8. References in the 1998 Act to “Isle of Man company” shall be construed as
references to “Isle of Man insurer”.
9. References in the 1998 Act to “offshore company” shall be construed as
references to “offshore insurer”.
10. [Repealed]118
Insurance Act 2008 SCHEDULE 5
c AT 16 of 2008 Page 47
SCHEDULE 5
1986/24/21 to 22E
INSPECTION AND INVESTIGATION
[Section 36]
Inspection and investigation
1. (1) The Authority may inspect the books, accounts and documents and
investigate the transactions of —
(a) an insurer or former insurer or an applicant for authorisation to
carry on insurance business;
(b) a person who, on reasonable grounds, is suspected by the
Authority of carrying on, or to have carried on, insurance
business contrary to any provision of this Act;119
(c) a person who appears to be carrying on, or to have carried on,
insurance business;
(d) a registered insurance manager or former registered insurance
manager or an applicant for such registration;
(e) a person who, on reasonable grounds, is suspected by the
Authority of acting as, or holding such person out to be, an
insurance manager otherwise than in accordance with
section 23;120
(f) a registered insurance intermediary or a former registered
insurance intermediary or an applicant for such registration;
(g) a person who, on reasonable grounds, is suspected by the
Authority of acting as, or holding such person out to be, an
insurance intermediary otherwise than in accordance with
section 24;121
(h) a person whose registration or exemption from registration as an
insurance intermediary has been cancelled, but only in respect of
matters relating to the period when the person was a registered
insurance intermediary or had the benefit of the exemption;
(i) any person specified in subparagraphs (a) to (f) of paragraph 5(2);
(j) any scheme or former scheme;
(k) any person who, in or from the Island, acts or has acted as the
trustee or administrator of, or a professional adviser to, any
scheme; or
(l) any other person whom the Authority has reason to believe has
information that is relevant to the discharge of the Authority’s
functions under a relevant Act,122
SCHEDULE 5 Insurance Act 2008
Page 48 AT 16 of 2008 c
if, on reasonable grounds, it appears to the Authority necessary for the
performance of the Authority’s functions under a relevant Act.123
(2) The Authority shall have every such power of entry and access as may be
necessary for the purposes of subparagraph (1), and the Authority may take possession
of all such books, accounts and documents as, and for so long as, may be necessary for
those purposes.124
(3) The Authority may take copies of all books, accounts and documents in
the possession of the Authority for the purposes of an inspection and investigation
under this paragraph.125
(4) No person shall intentionally obstruct the Authority when acting in the
execution of the powers of the Authority under subparagraph (1), (2) or (3).126
(5) The Authority shall exercise the Authority’s right of entry and access
under subparagraph (2) only during such hours as are reasonable in the
circumstances.127
(6) In this paragraph, “scheme” has the meaning given by section 1(1)(a) of
the Retirement Benefits Schemes Act 2000.
Requests for information
2. (1) The Authority may request any person specified in subparagraphs (a) to
(l) of paragraph 1(1) (“the requested person”) to provide the Authority with any
information if, on reasonable grounds, it appears to the Authority necessary for the
performance of the Authority’s functions under a relevant Act and may require such
information to be verified in such manner as the Authority directs.128
(2) The Authority may issue directions to a requested person to secure that
effect is given to a request under subparagraph (1) and the directions shall include a
statement of reasons for their issue.129
(3) If the Authority has issued a direction under subparagraph (2) and the
requested person has failed to furnish the information, the Authority may direct the
actuary, auditor, insurance manager or banker (as the case requires) of that person to
furnish such relevant information as is within their knowledge.130
(4) No person shall fail to furnish information when directed to do so under
subparagraph (2) or (3).
(5) In any criminal proceedings (except proceedings alleging contravention
of subparagraph (4), section 52 of this Act or section 46 of the Retirement Benefits
Schemes Act 2000 (false statements)), information furnished in response to a direction
issued under subparagraph (2) or (3) may not be used in evidence against the person
furnishing it.
Attendance before the Authority: justice’s authorisation131
3. (1) Where, on an application made by the Authority, a justice of the peace is
satisfied that there is good reason to do so for the purpose of investigating the affairs,
Insurance Act 2008 SCHEDULE 5
c AT 16 of 2008 Page 49
or any aspect of the affairs, of any requested person so far as is necessary for the
performance of the Authority’s functions under a relevant Act, the justice may by
written instrument, authorise the Authority to exercise the powers under this
paragraph and such powers shall not otherwise be exercisable.132
(2) The Authority may by notice in writing, accompanied by a copy of the
instrument issued by the justice of the peace under subparagraph (1), require the
person whose affairs are to be investigated or any other person whom the Authority
has reason to believe has relevant information to attend before the Authority at a
specified time and place to answer questions or otherwise furnish information with
respect to any matter relevant to the investigation.133
(3) The Authority may by notice in writing, accompanied by a copy of the
instrument issued by the justice of the peace under subparagraph (1), require any
person to produce at a specified time and place any specified documents or copies of
documents which appear to the Authority to relate to any matter relevant to the
investigation or any documents of a specified class which appear to the Authority so to
relate.134
(4) If documents or copies of documents are not produced as required under
subparagraph (3), the Authority may require the person who was required to produce
them to state, to the best of that person’s knowledge and belief, where they are.135
(5) Where any documents are produced as required under subparagraph (3),
the Authority may —
(a) take possession of all such documents for so long as may be
necessary;
(b) take copies or extracts from them; or
(c) require the person producing them to provide an explanation of
any of them.136
(6) No person shall without reasonable excuse fail to comply with a
requirement imposed on that person under this paragraph.
(7) In any criminal proceedings (except proceedings alleging contravention
of subparagraph (6), section 52 of this Act or section 46 of the Retirement Benefits
Schemes Act 2000 (false statements)), a statement by a person in response to a
requirement imposed under this paragraph may not be used in evidence against the
person furnishing it.
Deemster’s search warrant
4. (1) Where, on information on oath laid by the Authority, a Deemster is
satisfied, in relation to any documents, that there are reasonable grounds for
believing —
(a) that —
(i) a person has failed to comply with an obligation under
paragraph 2 or 3 to produce them or copies of them;
SCHEDULE 5 Insurance Act 2008
Page 50 AT 16 of 2008 c
(ii) it is not practicable to serve a request or direction under
paragraph 2 or a notice under paragraph 3(3) in relation to
them; or
(iii) the service of such a request, direction or notice in relation
to them might seriously prejudice the investigation; and
(b) that they are on premises specified in the information,
the Deemster may issue such a warrant as is mentioned in sub-
paragraph (2).137
(2) The warrant referred to in subparagraph (1) is a warrant authorising any
person named in the warrant —
(a) to enter (using such force as is reasonably necessary for the
purpose) and search the premises; and
(b) to take possession of any documents appearing to be documents
of the description specified in the information, or to take in
relation to any documents so appearing any other steps which
may appear to be necessary for preserving them and preventing
interference with them.
(3) If, during the course of a search of premises for documents of a
description specified in the information, other documents are discovered which appear
to contain evidence in relation to the functions of the Authority under a relevant Act,
the person named in the warrant may —
(a) take possession of those documents; or
(b) take in relation to them any other steps which may appear to be
necessary for preserving them and preventing interference with
them.138
(4) A person executing a warrant issued under subparagraph (1) shall be
accompanied by a constable.
Paragraphs 1 to 4: supplementary
5. (1) In paragraphs 2 to 4 and this paragraph, “requested person
” means any
person specified in subparagraphs (a) to (l) of paragraph 1(1).
(2) The persons referred to in paragraph 1(1)(i) are —
(a) a director or controller of a person specified in subparagraphs (a)
to (l) of paragraph 1(1) (“the person concerned”);
(b) any associate or former associate of the person concerned;
(c) any body corporate in the case of which a controller of the person
concerned, either alone or with any associate or associates, is
entitled to exercise, or control the exercise of, more than 50 per
cent of the voting power at a general meeting;
(d) any partnership of which the person concerned or its controller is
or has at any relevant time been a member;
Insurance Act 2008 SCHEDULE 5
c AT 16 of 2008 Page 51
(e) customers or former customers of the person concerned;
(f) any other person with whom the person concerned has formed a
business relationship whether or not that other person is carrying
out a business.
(3) The powers under paragraphs 1 to 4 may be exercised in respect of a
former insurer, former insurance manager, former insurance intermediary or former
scheme, either —
(a) in respect of, or in connection with, such transactions, matters or
circumstances as occurred or existed when it was an insurer,
insurance manager, insurance intermediary or scheme (as the case
may be); or
(b) in respect of, or in connection with, transactions, matters or
circumstances that are connected with its former business.
(4) Paragraphs 1 to 4 do not oblige any person to disclose any information or
items that are subject to legal privilege within the meaning of section 13 of the Police
Powers and Procedures Act 1998.
(5) In paragraphs 1 to 4 every reference to the Authority shall include any
person authorised by the Authority in writing for the purposes of those paragraphs
and any person authorised by the Authority shall, in the exercise of any power under
those paragraphs, produce that person’s written appointment if required to do so.139
(6) In paragraphs 1 to 4 —
“document
” includes information recorded in any form and, in relation to
information recorded otherwise than in legible form, references to its
production include references to producing a copy of the information in
legible form; and
“relevant Act
” means this Act, the Retirement Benefits Schemes Act 2000 or
AML/CFT legislation within the meaning (for the time being) of section
3(2) (interpretation) of the Designated Businesses (Registration and
Oversight) Act 2015.140
(7) Where a person claims a lien on a document, its production under
paragraphs 1 to 4 is without prejudice to the lien.
Use of powers for the benefit of other authorities, etc
6. (1) The powers conferred on the Authority by paragraphs 1 to 4 may be
exercised for the purpose of —
(a) enabling or assisting a recognised regulator to discharge its
functions;
(b) enabling or assisting the Treasury to discharge its functions in
relation to occupational and personal pension schemes;141
(c) enabling or assisting the Treasury and the Assessor of Income Tax
to discharge their functions in relation to income tax;
SCHEDULE 5 Insurance Act 2008
Page 52 AT 16 of 2008 c
(d) enabling or assisting a person or an authority (whether a
governmental or private body) in a country or territory outside
the Island —
(i) to exercise functions corresponding to any of those of the
Authority under this Act or any other enactment;
(ii) to exercise functions relating to financial crime;142
(e) any criminal investigation or proceedings whatever which have
been or may be initiated, whether in the Island or elsewhere;143
(f) the initiation or bringing to an end of any such investigation or
proceedings;
(g) facilitating a determination of whether any such investigation or
proceedings should be initiated or brought to an end; or
(h) any criminal investigation whatever which is being or may be
carried out, whether in the Island or elsewhere.144
(2) Subject to subparagraph (3), the powers conferred on the Authority by
paragraphs 1 to 4 may be exercised for the purpose of enabling or assisting any public
or other authority in the Island or elsewhere for the time being designated for the
purposes of this section by an order made by the Treasury to discharge any functions
which are specified in the order.145
(3) An order under subparagraph (2) designating an authority for the
purposes of that subparagraph may —
(a) impose conditions subject to which the disclosure of information
is permitted by that subsection;
(b) require the imposition on the recipient of the information of
conditions —
(i) precluding disclosure of the information by that person; or
(ii) limiting the use or disclosure of the information by that
person; and
(c) otherwise restrict the circumstances in which that subparagraph
permits disclosure.
Expenses of investigation
7. (1) A person referred to in paragraph 1(1) shall, as required by the
Authority, pay the whole or a proportion of any reasonable expenses incurred by the
Authority in respect of —
(a) an inspection or investigation of that person; or
(b) the exercise of any of the powers conferred by paragraphs 1 to 5 in
respect of that person.146
Insurance Act 2008 SCHEDULE 5
c AT 16 of 2008 Page 53
(2) The Authority may make a requirement under subparagraph (1) only if
the Authority is of the opinion that the inspection, investigation or exercise was
necessitated by the act or default of the person referred to in subparagraph (1).147
(3) Any sums to be paid pursuant to a requirement under subparagraph (1)
shall be recoverable by the Authority as a civil debt and shall be paid into and form
part of the General Revenue of the Island.148
SCHEDULE 6 Insurance Act 2008
Page 54 AT 16 of 2008 c
SCHEDULE 6
1986/24/23A and 24
RESTRICTIONS ON DISCLOSURE OF INFORMATION
Section 46
Restrictions on disclosure of information
1. (1) Subject to paragraph 2, information which is restricted information for
the purposes of this paragraph and relates to the business or other affairs of any person
shall not be disclosed by a person mentioned in subparagraph (3) (“the primary
recipient”) or any person obtaining the information directly or indirectly from the
primary recipient without the consent of the person from whom the primary recipient
obtained the information and if different, the person to whom it relates.
(2) Subject to subparagraph (4), information is restricted information for the
purposes of this paragraph if it is obtained by the primary recipient for the purposes
of, or in the discharge of such person’s functions under, this Act or the Retirement
Benefits Schemes Act 2000 or any public document made under this Act or the Retirement
Benefits Schemes Act 2000 (whether or not by virtue of any requirement to supply it
made under those provisions).
(3) The persons mentioned in subparagraph (1) are —
(a) the Treasury and its members;
(b) the Authority and its members;
(c) [Repealed]149
(d) the Isle of Man Office of Fair Trading or a adjudicator to whom a
dispute has been referred under Schedule 4 to the Financial
Services Act 2008;
(e) any body administering a scheme under section 43 (compensation
schemes);
(f) any person appointed or authorised to exercise any powers under
section 34 of the Retirement Benefits Schemes Act 2000 (appointment
of inspector);
(g) any officer or servant of any of the persons referred to in
subparagraphs (a) to (f).
(4) Information shall not be treated as restricted information for the
purposes of this paragraph if it has been made available to the public by virtue of being
disclosed in any circumstances in which or for any purpose for which disclosure is not
precluded by this paragraph.
Exceptions from restrictions on disclosure
2. (1) Paragraph 1 does not preclude the disclosure of information —
Insurance Act 2008 SCHEDULE 6
c AT 16 of 2008 Page 55
(a) to the Attorney General with a view to the institution of or
otherwise for the purposes of criminal proceedings whether in the
Island or elsewhere;150
(aa) to the Attorney General for use as evidence in criminal
proceedings whether in the Island or elsewhere and whether or
not the information is comprised in documents;151
(ab) to any constable for the purpose of enabling or assisting the Isle of
Man Constabulary to discharge its functions (regardless of the
enactment under which the function is conferred);152
(b) for the purposes of the initiation or bringing to an end of any such
investigation or proceedings;
(c) for the purpose of facilitating a determination of whether any
such investigation or proceedings should be initiated or brought
to an end;
(d) for the purposes of any criminal investigation whatever which is
being or may be carried out, whether in the Island or elsewhere;
(e) with a view to the institution of or otherwise for the purposes of
any civil proceedings arising under or by virtue of this Act or the
Retirement Benefits Schemes Act 2000;
(f) for the purpose of enabling or assisting the Authority or the
Treasury to discharge their respective functions under this Act or
any other enactment;153
(g) in respect of a person who provides services to the Treasury or the
Authority in the discharge of their respective functions under this
Act or the Retirement Benefits Schemes Act 2000, for the purpose of
enabling or assisting that person to provide those services;154
(h) for the purpose of enabling or assisting the Isle of Man Office of
Fair Trading to discharge its functions under Schedule 4 to the
Financial Services Act 2008;
(i) for the purpose of enabling or assisting any adjudicator appointed
under Schedule 4 to the Financial Services Act 2008 to discharge
such person’s functions;
(j) for the purpose of enabling or assisting the Treasury to discharge
its functions in relation to occupational and personal pension
schemes;155
(k) for the purpose of enabling or assisting the Assessor of Income
Tax to discharge such person’s functions under enactments
relating to taxes;
(l) for the purpose of enabling or assisting any inspector appointed
under enactments relating to companies or insider dealing to
discharge such person’s functions;
SCHEDULE 6 Insurance Act 2008
Page 56 AT 16 of 2008 c
(m) for the purpose of enabling or assisting the body administering a
compensation scheme under section 43 of this Act or section 25 of
the Financial Services Act 2008 to discharge its functions under the
scheme;
(n) for the purpose of enabling or assisting an official receiver, a
liquidator or a trustee in bankruptcy (in the Island) to discharge
such person’s functions under enactments relating to insolvency,
bankruptcy or the winding up of companies;
(o) for the purpose of the institution of, or otherwise for the purposes
of, any disciplinary proceedings (whether in the Island or
elsewhere) relating to the exercise of professional duties by a
lawyer, auditor, accountant, valuer, estate agent or actuary;
(p) for the purpose of enabling or assisting any person appointed or
authorised to exercise any powers under section 34 of the
Retirement Benefits Schemes Act 2000 to discharge such person’s
functions;
(q) for the purpose of enabling or assisting any person appointed or
authorised under paragraph 5(5) of Schedule 5 to this Act to
discharge such person’s functions;
(r) for the purpose of enabling or assisting an auditor of an insurer,
insurance manager, insurance intermediary, retirement benefits
scheme or retirement benefits scheme administrator to discharge
such person’s functions;
(s) if the information is or has been available to the public from other
sources;
(t) in a summary or collection of information framed in such a way
as not to enable the identity of any person to whom the
information relates to be ascertained; or
(u) for the purposes of enabling the following tribunals to carry out
their functions —
(i) the Financial Services Tribunal established under section
32 of the Financial Services Act 2008 (regardless of the
enactment under which the function is conferred);
(ii) the Insurance Tribunal established under section 45 of this
Act;
(iii) the Retirement Benefits Tribunal established under section
38 of the Retirement Benefits Schemes Act 2000.156
(2) Paragraph 1 shall not preclude the disclosure of information —
(a) to a recognised regulator; or
(b) for the purpose of enabling or assisting a person or an authority
(whether a governmental or private body) in a country or territory
outside the Island —
Insurance Act 2008 SCHEDULE 6
c AT 16 of 2008 Page 57
(i) to exercise functions in connection with rules of law
corresponding to the enactments relating to insider
dealing; or
(ii) to exercise functions corresponding to any of those of the
Authority under this Act or any other enactment.157
(iii) [Repealed]158
(3) In subparagraph (2), “recognised regulator” means a person or an
authority (whether a governmental or private body) and whether in the Island or in a
country or territory outside the Island exercising, whether by law or by the rules of the
body —
(a) functions corresponding to the Authority under this Act or any
other enactment; or159
(b) [Repealed]160
(c) functions which include the supervision —
(i) of persons carrying on business in the financial services
industry, or in similar businesses; or
(ii) of the markets in which such persons may carry on such
business; or
(iii) of the corporate and trust services industry.
(4) Subject to subparagraph (5), paragraph 1 shall not preclude the
disclosure of information for the purpose of enabling or assisting any public or other
authority in the Island or elsewhere for the time being designated for the purposes of
this paragraph by an order made by the Treasury to discharge any functions which are
specified in the order.
(5) An order under subparagraph (4) designating an authority for the
purposes of that subparagraph may —
(a) impose conditions subject to which the disclosure of information
is permitted by that subparagraph;
(b) require the imposition on the recipient of the information of
conditions —
(i) precluding disclosure of the information by that person; or
(ii) limiting the use or disclosure of the information by that
person; and
(c) otherwise restrict the circumstances in which that subparagraph
permits disclosure.
(6) Paragraph 1 shall not preclude the disclosure —
(a) of any information contained in any notice or copy of a notice
served under this Act or the Retirement Benefits Schemes Act 2000,
notice of the contents of which has been given to the public, by the
person on whom it was served or any person obtaining the
information directly or indirectly from that person;
SCHEDULE 6 Insurance Act 2008
Page 58 AT 16 of 2008 c
(b) of any information contained in any register required to be kept
under this Act or the Retirement Benefits Schemes Act 2000.
(7) No disclosure of information shall be made under this paragraph unless
the person making the disclosure is satisfied that the making of the disclosure is
proportionate to what is sought to be achieved by it.
(8) The information that may be disclosed under this paragraph includes
information obtained before the commencement of this paragraph.
(9) [Repealed]161
Insurance Act 2008 SCHEDULE 7
c AT 16 of 2008 Page 59
SCHEDULE 7
1986/24/Sch. 4; 1996/4/Sch.
MATTERS IN RESPECT OF WHICH REGULATIONS MAY BE MADE
Section 50(1)
General
1. Anything which, under this Act, is required to be, or may be prescribed or
which may be provided for by regulations.
2. The exemption from any provision of this Act of any specified person or class of
persons.
3. The restriction of specified business practices.
4. Arrangements for the settlement of disputes.
5. The giving of notice to the Authority and such other persons as may be
specified in the regulations of the occurrence of such events as may be specified in the
regulations.162
6. The creation of offences for contravention of any provision of regulations made
under this Act.
7. Purposes connected with or incidental to any of the matters specified in this
Schedule.
Insurers, insurance managers and insurance intermediaries
8. The application of this Act to any insurer, insurance manager or insurance
intermediary with such exceptions, adaptations and modifications as may be specified.
9. Provisions prohibiting or restricting the issue or transfer of any share in an
insurer, insurance manager or insurance intermediary or any interest in such a share,
to any specified person or class of persons.
10. Provisions restricting an insurer, insurance manager or insurance intermediary
(or any subsidiary of, or company associated with, any such person) from entering into
transactions of any specified description with any other person of any specified class or
description.
11. The form and contents of advertisements by insurers, insurance managers and
insurance intermediaries (including matters which must be, as well as matters which
may not be, included in advertisements).
SCHEDULE 7 Insurance Act 2008
Page 60 AT 16 of 2008 c
12. The financial resources of insurers, insurance managers and insurance
intermediaries.
13. The assets, liabilities and other matters to be taken into account in determining
the financial resources of an insurer, insurance manager or insurance intermediary for
the purposes of this Act and regulations under it.
14. The form and content of any information required to be produced by insurers,
insurance managers and insurance intermediaries to the Authority.163
15. Financial statements and returns which are to be submitted to the Authority by
insurers, insurance managers and insurance intermediaries.164
16. The display of notices and the provision of information about the affairs of
insurers, insurance managers and insurance intermediaries to the public at offices and
places of business of such persons.
17. Requirements that insurers, insurance managers and insurance intermediaries
(and their officers, auditors or actuaries) shall comply with such codes, guidance notes
or standards as are from time to time in force and made or issued by the Authority or
any other person or authority whether within or outside the Island.
18. The respective functions of the board of directors, individual directors and chief
executives of insurers, insurance managers and insurance intermediaries in respect of
the administration and management of their businesses.
19. Provisions requiring the establishment and maintenance of strategic objectives
by the boards of directors of insurers, insurance managers and insurance
intermediaries.
Insurers only
20. (1) The preparation, form and content of the annual accounts of an
authorised insurer.
(2) The preparation, form and content of statements, reports and
information to be annexed to annual accounts.
(3) The modification of —
(a) section 30 of the Partnership Act 1909;
(b) Part I of, and Schedule 1 to, the Companies Act 1982;
(c) section 19 of the Limited Liability Companies Act 1996; or
(d) section 80 of the Companies Act 2006,
in their application to authorised insurers.
(4) The exemption of authorised insurers from any of the provisions referred
to in subparagraph (3).
Insurance Act 2008 SCHEDULE 7
c AT 16 of 2008 Page 61
(5) Provisions restricting the appointment of auditors to persons who have
effected indemnity insurance of such type and amount as may be specified.
21. The determination of the value of assets and the amount of liabilities for the
purposes of the calculation of margins of solvency under this Act and regulations
made in exercise of this power may provide that, for any specified purpose, assets or
liabilities of any specified class or description shall be left out of account or shall be
taken into account only to a specified extent.
22. Provisions requiring authorised insurers —
(a) to set aside reserves of such amount and in such manner and
circumstances as may be specified;
(b) to deal with and apply such reserves in such manner as may be
specified;
(c) not to distribute assets to members except to such extent, and in
such manner and circumstances as may be specified.
23. The prescription of classes or categories of insurance business for any purpose
of this Act or regulations.
24. The location, form and content of accounting and other records to be kept and
maintained by an insurer.
25. Provisions with respect to the carrying on of insurance business carried on by
insurers.
26. The supply of information to customers at such time or times as is prescribed
about services and policies supplied by insurers, their terms of business (including
fees, charges or commission) and their complaints procedures.
27. Provisions requiring the inclusion of terms in contracts of insurance —
(a) giving customers rights to cancel contracts at such time and in
accordance with such conditions as are prescribed; and
(b) where a contract is cancelled under subparagraph (a), giving
customers rights to refunds of such amount or calculated in such
manner as is prescribed.
28. Provisions requiring the establishment and maintenance by insurers of internal
controls in respect of the administration and management of their insurance
businesses.
29. Provisions relating to the prevention and detection of money laundering in
connection with the carrying on of insurance business.
30. Regulations may contain requirements which take into account, in the case of an
authorised insurer who is a member of a group, any activity of another member of the
group.
SCHEDULE 7 Insurance Act 2008
Page 62 AT 16 of 2008 c
31. Provisions in respect of contracts entered into by an insurer in the course of
carrying on insurance business.
32. For the purpose of preventing a company that is not an authorised insurer but
which is a holding company of an authorised insurer from doing anything to lessen the
effectiveness of assets or the identification of assets maintained by the insurer in
respect of any particular aspect of its business and in particular may include
provision —
(a) prohibiting the payment of dividends;
(b) prohibiting the creation of charges;
(c) making charges created in contravention of the regulations void.
Insurance managers and insurance intermediaries only
33. (1) Provisions requiring insurance managers and insurance intermediaries
to effect a bond, in a specified form, to such value, in respect of such events and for the
benefit of such persons as the regulations may specify.
(2) Provisions requiring that —
(a) arrangements in relation to the bond shall be entered into only
with persons specified in the regulations;
(b) bonds shall be in such form and valid for such minimum period
as may be specified in the regulations;
(c) a copy of the bond shall be displayed, for the information of the
public, in a prominent position in all premises occupied by an
insurance manager or insurance intermediary in which it carries
on business as an insurance manager or insurance intermediary
(as the case may be).
34. Provisions concerning —
(a) the keeping of accounts and other records by insurance managers
and insurance intermediaries, their form, content, inspection,
audit and submission to the Authority;165
(b) the treatment to be afforded to money received by insurance
managers and insurance intermediaries.
35. Provision for the disclosure of the amount or value, or of arrangements for the
payment or provision, of commissions or other inducements in connection with the
businesses of insurance intermediaries and the matters by reference to which or the
manner in which their amount or value may be determined.
36. Provision requiring insurance managers and insurance intermediaries to
comply with such rules, regulations, codes or standards as are from time to time in
force and made or issued by any authority or professional organisation (whether
Insurance Act 2008 SCHEDULE 7
c AT 16 of 2008 Page 63
established in the Island or elsewhere) which regulates, or prescribes standards which
relate to, —
(a) insurance managers or insurance intermediaries (as the case may
be); or
(b) the practice of any profession.
Schedule 8 Insurance Act 2008
Page 64 AT 16 of 2008 c
Schedule 8
AMENDMENT OF ENACTMENTS
Section 56
[Sch 8 amends the following Acts —
Companies Act 1931 q.v.
Income Tax Act 1970 q.v.
Companies Act 1982 q.v.
Legal Aid Act 1986 q.v.
Financial Supervision Act 1988 q.v.
Moneylenders Act 1991 q.v.
Consumer Protection Act 1991 q.v.
Companies Act 1992 q.v.
Access to Health Records and Reports Act 1993 q.v.
Credit Unions Act 1993 q.v.
Companies (Transfer of Domicile) Act 1998 q.v.
Corporate Service Providers Act 2000 q.v.
Retirement Benefits Schemes Act 2000 q.v.
Online Gambling Regulation Act 2001 q.v.
Trustee Act 2001 q.v.
Data Protection Act 2002 q.v.
Anti-Terrorism and Crime Act 2003 q.v.
Protected Cell Companies Act 2004 q.v.
Insurance (Amendment) Act 2004 (renamed as “Life Assurance (Insurable
Interest) Act 2004”) q.v.
Tribunals Act 2006 q.v.
Insurance Companies (Amalgamations) Act 2006 q.v.
Financial Services Act 2008 q.v.]
Ed. note: The following amendments are set out in full as it is not possible to effect the
amendments
Life Assurance (Compensation of Policyholders) Regulations 1991 (G.C. 48/91)
13. In regulation 2(1), in the definition of “authorised insurer”, for “section 6 of the
Insurance Act 1986” substitute “section 8 of the Insurance Act 2008”.
14. In regulation 2(2)(b), for “section 17(6) of the Insurance Act 1986” substitute
“section 13(7) of the Insurance Act 2008”.
Insurance Act 2008 Schedule 8
c AT 16 of 2008 Page 65
15. In regulation 3(1), for “section 21 of the Act” substitute “section 43 of the
Insurance Act 2008”.
Schedule 9 Insurance Act 2008
Page 66 AT 16 of 2008 c
Schedule 9
REPEAL OF ENACTMENTS
Section 57
[Sch 9 repeals the following Acts in part —
Companies Act 1931
Financial Supervision Act 1988
Council of Ministers Act 1990
Companies Act 1992
Companies (Transfer of Functions) Act 2000
Retirement Benefits Schemes Act 2000
Anti-Terrorism and Crime Act 2003
Life Assurance (Insurable Interest) Act 2004
Income Tax (Corporate Taxpayers) Act 2006
Insurance Companies (Amalgamations) Act 2006
Financial Services Act 2008
and the following Acts wholly —
Insurance Act 1986
Insurance (Amendment) Act 1993
Insurance (Amendment) Act 1995
Insurance Intermediaries (General Business) Act 1996.]
Insurance Act 2008 Schedule 10
c AT 16 of 2008 Page 67
Schedule 10
SAVING AND TRANSITIONAL PROVISIONS
Section 58
1. The Life Assurance (Compensation of Policyholders) Regulations 1991 (G.C.
48/91) continue to have effect notwithstanding the repeal of section 21(1)(c) of the
Financial Supervision Act 1988.
2. This Schedule is without prejudice to the operation of section 16 of the
Interpretation Act 1976 (which relates to the effect of substituting provisions).
Insurance Act 2008 Endnotes
c AT 16 of 2008 Page 69
ENDNOTES
Table of Legislation History
Legislation Year and No Commencement
Table of Renumbered Provisions
Original Current
Table of Endnote References
1
S 1 substituted by SD2015/0090 as amended by SD2015/0276. 2
S 2 repealed by SD2015/0090 as amended by SD2015/0276. 3
S 3 substituted by SD2015/0090 as amended by SD2015/0276. 4
S 4 repealed by SD2015/0090 as amended by SD2015/0276. 5
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 6
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 7
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 8
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 9
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 10
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 11
Para (c) amended by SD2015/0090 as amended by SD2015/0276. 12
S 7 amended by SD2015/0090 as amended by SD2015/0276. 13
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 14
S 8 amended by SD2015/0090 as amended by SD2015/0276. 15
S 9 amended by SD2015/0090 as amended by SD2015/0276. 16
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 17
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 18
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 19
Subs (4) repealed by SD2015/0090 as amended by SD2015/0276. 20
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 21
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 22
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 23
Subs (3) amended by SD2015/0090 as amended by SD2015/0276.
Endnotes Insurance Act 2008
Page 70 AT 16 of 2008 c
24
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 25
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 26
Subs (7) amended by SD2015/0090 as amended by SD2015/0276. 27
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 28
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 29
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 30
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 31
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 32
Subpara (iii) amended by SD2015/0090 as amended by SD2015/0276. 33
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 34
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 35
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 36
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 37
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 38
Subs (7) amended by SD2015/0090 as amended by SD2015/0276. 39
Subs (8) amended by SD2015/0090 as amended by SD2015/0276. 40
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 41
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 42
Subs (13) amended by SD2015/0090 as amended by SD2015/0276. 43
Subs (14) amended by SD2015/0090 as amended by SD2015/0276. 44
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 45
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 46
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 47
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 48
Subpara (i) effective only on the making of Regulations under s 50 see SD922/08 art
5(1). 49
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 50
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 51
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 52
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 53
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 54
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 55
Subs (5) repealed by SD2015/0090 as amended by SD2015/0276. 56
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 57
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 58
Para (d) amended by SD2015/0090 as amended by SD2015/0276. 59
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 60
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 61
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 62
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 63
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 64
Subs (6) amended by SD2015/0090 as amended by SD2015/0276.
Insurance Act 2008 Endnotes
c AT 16 of 2008 Page 71
65
S 30 amended by SD2015/0090 as amended by SD2015/0276. 66
Cross-heading substituted by SD2015/0090 as amended by SD2015/0276. 67
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 68
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 69
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 70
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 71
Para (b) amended by SD2015/0090 as amended by SD2015/0276. 72
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 73
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 74
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 75
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 76
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 77
Subs (4) amended by SD2015/0090 as amended by SD2015/0276. 78
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 79
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 80
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 81
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 82
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 83
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 84
Subs (5) amended by SD2015/0090 as amended by SD2015/0276. 85
Subs (3) amended by SD2015/0090 as amended by SD2015/0276. 86
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 87
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 88
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 89
S 49 repealed by SD2015/0090 as amended by SD2015/0276. 90
Para (e) amended by SD2015/0090 as amended by SD2015/0276. 91
Para (f) amended by SD2015/0090 as amended by SD2015/0276. 92
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 93
Subs (2) amended by SD2015/0090 as amended by SD2015/0276. 94
Subs (6) amended by SD2015/0090 as amended by SD2015/0276. 95
Para (a) amended by SD2015/0090 as amended by SD2015/0276. 96
Para (a) amended by Civil Partnership Act 2011 Sch 14. 97
Definition of “the Authority” substituted by SD2015/0090 as amended by
SD2015/0276. 98
Definition of “register” amended by SD2015/0090 as amended by SD2015/0276. 99
Definition of “Supervisor” repealed by SD2015/0090 as amended by SD2015/0276. 100
Para (b) amended by Foreign Companies Act 2014 Sch. 101
Subs (1) amended by SD2015/0090 as amended by SD2015/0276. 102
S 56 not operative for certain purposes - see SD922/08 art 5(3). 103
S 57 not operative for certain purposes - see SD922/08 art 5(4). 104
ADO (whole Act except s 42(1) and (2) and Sch 4 (continuation and discontinuation
of certain insurers), Sch 8 paras 20 and 21 [companies transfer of domicile], Sch 9 repeal
Endnotes Insurance Act 2008
Page 72 AT 16 of 2008 c
of s 25A and Sch 3A Insurance Act 1986 and Insurance (Amendment) Act 1995)
1/12/2008 (SD922/08); (s 58 and Sch 10) 31/10/2008 (SD870/08) (remaining provisions (s
42(1) and (2) and Sch 4 (continuation and discontinuation of certain insurers),Sch 8
paras 20 and 21 [companies transfer of domicile], Sch 9 repeal of s 25A and Sch 3A
Insurance Act 1986 and Insurance (Amendment) Act 1995)) 1/7/2010 (SD442/10), except
that s25(3)(d)(i) operative 01/12/2008 remains subject to art 5(1) SD922/08. 105
Sch 1 repealed by SD2015/0090 as amended by SD2015/0276. 106
Para 1 amended by SD352/09. 107
Item (c) amended by SD2015/0090 as amended by SD2015/0276. 108
Item (a) amended by SD2015/0090 as amended by SD2015/0276. 109
Para 12 amended by SD2015/0090 as amended by SD2015/0276. 110
Para 3 amended by SD2015/0090 as amended by SD2015/0276. 111
Cross-heading amended by SD2015/0090 as amended by SD2015/0276. 112
Item (e) amended by SD2015/0090 as amended by SD2015/0276. 113
Para 4 amended by SD2015/0090 as amended by SD2015/0276. 114
Para 5 amended by SD2015/0090 as amended by SD2015/0276. 115
Para 18 amended by SD2015/0090 as amended by SD2015/0276. 116
Item (a) amended by SD2015/0090 as amended by SD2015/0276. 117
Para 3 substituted by SD2015/0090 as amended by SD2015/0276. 118
Para 10 repealed by SD2015/0090 as amended by SD2015/0276. 119
Item (b) amended by SD2015/0090 as amended by SD2015/0276. 120
Item (e) amended by SD2015/0090 as amended by SD2015/0276. 121
Item (g) amended by SD2015/0090 as amended by SD2015/0276. 122
Item (l) amended by Designated Businesses (Registration and Oversight) Act 2015
Sch 3 and by SD2015/0090 as amended by SD2015/0276. 123
Subpara (1) amended by Designated Businesses (Registration and Oversight) Act
2015 Sch 3 and by SD2015/0090 as amended by SD2015/0276. 124
Subpara (2) amended by SD2015/0090 as amended by SD2015/0276. 125
Subpara (3) amended by SD2015/0090 as amended by SD2015/0276. 126
Subpara (4) amended by SD2015/0090 as amended by SD2015/0276. 127
Subpara (5) amended by SD2015/0090 as amended by SD2015/0276. 128
Subpara (1) amended by Designated Businesses (Registration and Oversight) Act
2015 Sch 3 and by SD2015/0090 as amended by SD2015/0276. 129
Subpara (2) amended by SD2015/0090 as amended by SD2015/0276. 130
Subpara (3) amended by SD2015/0090 as amended by SD2015/0276. 131
Cross-heading amended by SD2015/0090 as amended by SD2015/0276. 132
Subpara (1) amended by Designated Businesses (Registration and Oversight) Act
2015 Sch 3 and by SD2015/0090 as amended by SD2015/0276. 133
Subpara (2) amended by SD2015/0090 as amended by SD2015/0276. 134
Subpara (3) amended by SD2015/0090 as amended by SD2015/0276. 135
Subpara (4) amended by SD2015/0090 as amended by SD2015/0276. 136
Subpara (5) amended by SD2015/0090 as amended by SD2015/0276.
Insurance Act 2008 Endnotes
c AT 16 of 2008 Page 73
137
Subpara (1) amended by SD2015/0090 as amended by SD2015/0276. 138
Subpara (3) amended by Designated Businesses (Registration and Oversight) Act
2015 Sch 3 and by SD2015/0090 as amended by SD2015/0276. 139
Subpara (5) amended by SD2015/0090 as amended by SD2015/0276. 140
Subpara (6) substituted by Designated Businesses (Registration and Oversight) Act
2015 Sch 3. 141
Para (b) amended by SD155/10 Sch 11 and by SD2014/08. 142
Item (d) substituted by SD2015/0090 as amended by SD2015/0276. 143
Item (e) amended by Designated Businesses (Registration and Oversight) Act 2015
Sch 3. 144
Subpara (1) amended by SD2015/0090 as amended by SD2015/0276. 145
Subpara (2) amended by SD2015/0090 as amended by SD2015/0276. 146
Subpara (1) amended by SD2015/0090 as amended by SD2015/0276. 147
Subpara (2) amended by SD2015/0090 as amended by SD2015/0276. 148
Subpara (3) amended by SD2015/0090 as amended by SD2015/0276. 149
Item (c) repealed by SD2015/0090 as amended by SD2015/0276. 150
Item (a) substituted by Designated Businesses (Registration and Oversight) Act 2015
Sch 3. 151
Item (aa) inserted by Designated Businesses (Registration and Oversight) Act 2015
Sch 3. 152
Item (ab) inserted by Designated Businesses (Registration and Oversight) Act 2015
Sch 3. 153
Item (f) substituted by SD2015/0090 as amended by SD2015/0276. 154
Item (g) amended by SD2015/0090 as amended by SD2015/0276. 155
Para (j) amended by SD155/10 Sch 11 and by SD2014/08. 156
Item (u) inserted by Designated Businesses (Registration and Oversight) Act 2015
Sch 3. 157
Subitem (ii) substituted by SD2015/0090 as amended by SD2015/0276. 158
Subitem (iii) repealed by SD2015/0090 as amended by SD2015/0276. 159
Item (a) amended by SD2015/0090 as amended by SD2015/0276. 160
Item (b) repealed by SD2015/0090 as amended by SD2015/0276. 161
Subpara (9) repealed by SD2015/0090 as amended by SD2015/0276. 162
Para 5 amended by SD2015/0090 as amended by SD2015/0276. 163
Para 14 amended by SD2015/0090 as amended by SD2015/0276. 164
Para 15 amended by SD2015/0090 as amended by SD2015/0276. 165
Item (a) amended by SD2015/0090 as amended by SD2015/0276.
