Insurance business conducted in and from the Isle of Man, and by Isle of Man companies anywhere in the world, is controlled by the Insurance Act 1986 (updated through the Insurance Amendment Act 2004) and regulations issued thereunder.

A new Act is envisaged to consolidate the various pieces of primary insurance legislation.

Control is divided between:

(a) companies which operate as permit-holders on the basis that they are incorporated, authorised and supervised in another country (primarily UK insurers writing Isle of Man risks).

(b) companies which are incorporated in the Isle of Man and are authorised and supervised by the Insurance Supervisor.