The Department of Economic Development has plans to introduce a 'Code of Conduct' for Manx insurance companies.
The plans are in the consultation stage with the Isle of Man Financial Services Authority asking for public feedback on the potential changes.
The code of conduct will develop the Island's existing regulatory framework in order to improve the fair treatment of policyholders.
Simon Pickering is the head of retail financial services for the department - he says the proposals are a positive way for the Island to maintain its reputation for regulation:
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