Considers the fundamental shift in the way property managers/managing agents will be required to handle their insurance arrangements when the insurance broking industry becomes regulated by the Financial Services Authority (FSA) from January 2005. Lists those regulated activities normally carried out by most property managers that will then require FSA approval. Summarises the options open to the property manager: full regulation by FSA with application by letter submitted by 13 July 2004; become an appointed representative of an insurance broker who is applying for full regulation or an introducer-appointed representative. Concludes that most property managers will apply for full FSA regulation with its added value of sole right to trade in regulated activities, although the cost of application may make handling of insurance no longer financially viable for some smaller management concerns.