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Consultative Document - Insurance Bill 2007 20 April 2007

The Insurance and Pensions Authority has released a consultative draft of the Insurance Bill 2007 and invites comments from interested parties. A consultative document on the matter, which includes a copy of the draft Bill, is available for download from the Authority’s website here.

The principal purpose of the Bill is to consolidate the provisions of the Insurance Act 1986, the Insurance (Amendment) Act 1993, the Insurance (Amendment) Act 1995 and the Insurance (Amendment) Act 2004 (with the exception of those relating to insurable interest in life assurance contracts), together with the provisions of the Insurance Intermediaries (General Business) Act 1996. This will provide one cohesive document which sets out the regulatory framework for insurance business on the Isle of Man and it is hoped that this will be a significant improvement for users of the legislation.

The IPA invites comments on the draft Bill by 18th May 2007. Contact details for responses or queries are included within the consultative document.

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