The future of the Depositors' Compensation Scheme, which has just begun repaying those who lost their savings in the collapse of Kaupthing, Singer and Friedlander Isle of Man, is to go out for public consultation.
The Bankers' Association, the Island's financial services sector and the general public are invited to give their views.
Treasury Minister Allan Bell has made it clear the ?50,000 protection ceiling is likely to be maintained.
The protection offered by the Manx government's Depositors Compensation Scheme - or DCS - was raised from ?20,000 to ?50,000 for individual account holders, last October, for one year.
The move was in response to alarming events on the global financial stage and was announced just before the collapse of Kaupthing Singer and Friedlander, Isle of Man.
The scheme's due to revert to its original terms next month but Mr Bell has confimed the existing protection will continue while the consultation is carried out.
The minister says he wants to ensure the DCS remains relevant and suitable for depositors, taxpayers and Island businesses.
The review will consider a range of issues, including the structure of the DCS, which parties should contribute to it and by how much, and whom it should protect.
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