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17th January 2002

Press Release

Manx Insurance Association (MIA) Workshop Seeks to Enhance High Standards of Business Conduct

On the 15th January 2002 the MIA held the first in what it is hoped will be a series of workshops aimed at reviewing industry standards. The issue for discussion at the first workshop was the monitoring and review of IFA's.

The results of the workshop sessions will be analysed with the aim of establishing common standards and practices to be followed both immediately prior to the granting of Terms of Business and thereafter for ongoing monitoring and review purposes.

Lee Tyrer, Chairman of the MIA, said "For some months now the MIA has been in talks with the Insurance and Pensions Authority (IPA) - our industry regulator - on how we can improve and standardise a number of key external business processes which are linked to the continued success of our industry. These are positive moves designed to make the Isle of Man an even more attractive base from which to operate"

David Vick, Deputy Chief Executive of the IPA, said "We are pleased to see the MIA's initiative in this important area following our discussions. The Isle of Man has the largest international life insurance sector and it is fitting therefore that it should be at the forefront of developing and implementing the highest standards of business conduct.

This ongoing initiative, together with the introduction of the Financial Services Ombudsman service, should help provide an even higher degree of security to policyholders of Manx life assurance companies."