The Isle of Man is considering formally submitting a Solvency II application after completing the assessment and review of the Insurance Core Principles [insurance core principles (ICP)].

       In 2015, the Isle of Man merged the former Financial Supervision Commission and the Insurance and Pensions Authority to establish the Financial Services Authority (FSA). The newly established Isle of Man FSA is considering adopting Bermuda's approach of applying different regulatory policies to life and non-life business, and applying to the European Insurance and Occupational Pensions Authority (EIOPA) for captive insurers to be treated as an exception in the implementation of the Solvency II framework.

        Karen Badgerow, the FSA's first Chief Executive, said that, as part of the FSA's assessment against the Insurance Core Principles (ICP), non-life and life business have different risk attributes, and captive insurers should establish a risk-assessment-based capital calculation method to ensure that the captive regulatory regime accommodates captive applicants' need to bear their own risks.