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Isle of Man Insurance and Pensions Authority |
Date: 2nd May 2001
The Isle of Man Government Insurance and Pensions Authority has issued a consultation document on draft regulations for international retirement benefits schemes to be made under the provisions of the Retirement Benefits Schemes Act 2000.
The consultative document and the Act is being made available to all interested parties and copies may be obtained either from the Authority's offices or directly from its website at:
http://www.gov.im/ipa/noframes/Regulation.htmlThe closing date for comments on the draft regulations is the 6th July 2001. It is the Authority's target to ask Treasury to make such regulations effective from the 1st September 2001 with a view to laying them before Tynwald at its October sitting.
The Retirement Benefits Schemes Act is concerned with the operation of all schemes in or from the Isle of Man and when in force will apply universally to all schemes, regardless of their status as international or domestic. The Act will be brought into force following the making of the international and domestic regulations, as appropriate. Regulations for domestic schemes are currently being prepared and further consultative documents in respect of these schemes will be issued in due course.
The specific draft regulations issued for consideration at this time comprise of:
Whilst regulations will recognise the different characteristics of international and domestic markets the Authority's prime objective is the protection of scheme members interests, wherever they reside.
In addition to the main international regulations, the consultative document includes regulations concerning the exemption of schemes from the provisions of the Act and the general administration of schemes. The Exempted Schemes regulations exempt specified government guaranteed schemes and certain international insurance products established by exempt insurance companies regulated by the Authority. The Management and Miscellaneous Provisions regulations are primarily concerned with the appointment of scheme administrators and independent trustees.
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The implementation of the new regulatory proposals will be handled on a day to day basis of Chris Shimmin (Supervisor - Pensions). Chris has enjoyed a long association with pensions business in the Isle of Man. He was at one time responsible for the administration of the Government's superannuation schemes and more recently, before joining the Authority, was a director of Fedelta Pensions Limited. Chris is part of the Authority's new life and pensions section. The release of the consultative document coincides with the recent restructuring of the IPA to bring greater focus on the two separate elements of the Island's insurance sector, life and non-life products. Suzanne Collins, in her new role as manager of life assurance and pensions section, will be heading the regulation of long term life and pensions business. Whilst the Authority' non-life section will be headed by Glyn Gilbert as manager of non-life insurance business. |
Anyone who has not received a copy of the consultative document but would like to receive one should contact Chris Shimmin at the offices of the Authority. Comments upon the proposals should be made in writing no later than Friday the 6th July 2001.
The Authority also recognises that an important element in this initiative is the need to raise the profile of the Island as a prime location from which to do such business and will be announcing its strategy in this regard shortly.