Isle of Man Finance

Regulation of Insurance and Pensions Business

The IPA was originally established as the Insurance Authority in 1986, and became the IPA in January 1997 following the addition to its responsibilities of the development and implementation of a supervisory framework for pensions schemes. It is a statutory board established under the Insurance Act 1986 (as amended in this regard by the Retirement Benefits Schemes Act 2000 and the Insurance [Amendment] Act 2004) and has responsibility for the regulation of the insurance and pensions sector in the Isle of Man.

The development of the insurance and pensions sector arose from the Government's decision in the early 1980s to seek to encourage diversification in the finance sector. The importance to the Island of attracting only high quality business resulted in the creation of the IPA to regulate the sector.

The Authority seeks to ensure, through the exercise of its powers, that the regulatory framework for insurance and pensions business in the Island adheres to the highest standards. It sees the maintenance of an environment that is attractive to high quality business as an important part of its work.

The IPA is responsible for:

• Authorisation and ongoing supervision of Isle of Man companies carrying on insurance business in or from the Isle of Man and for companies incorporated elsewhere which carry on insurance business here;
• Registration of general insurance intermediaries carrying on business in or from the Isle of Man;
• Regulation of pension schemes and those persons who conduct and administer pensions business on the Island;
• Administration of the Island’s statutory policyholders’ compensation scheme for life assurance companies, in its position as designated scheme manager.

The ultimate goal of the Authority is to ensure that companies based on the Island, and their clients, have the confidence that they are transacting business in a high quality, secure and well regulated centre, which has the expertise and capacity to cater for their needs both now and in the future.

Regulations and Guidance Notes

The Insurance and Pensions Authority maintain a comprehensive listing of all pertinent legislation, regulation and guidance notes concerning the operation and regulation of insurance business on the Isle of Man. Please click here for further information and to access all relevant downloadable documents relating to the above.