I.P.A

NEWS - IMF REPORT PUBLISHED

The IMF has published its Financial Sector Assessment Programme Report on the Isle of Man. The Island's Chief Minister has issued a statement welcoming the findings of the Report.

Copies of each of the constituent parts of the Report can be accessed via the following links:

• Detailed Assessment of Observance of AML/CFT
• Financial System Stability Assessment
• Detailed Assessment of Observance of the Insurance Core Principles
• Technical Note - Stress Testing: Banking and Insurance
• Detailed Assessment of Observance of the Basel Core Principles for Effective Banking Supervision

The insurance legislation and regulatory process covers Life Insurance and Captive Insurance companies. This site contains the Regulations and Guidance and also provides details of Policyholder Protection. Companies carrying out insurance business in or from the Isle of Man are required to be authorised under the Insurance Act 2008. Regulations made under this Act provide for detailed supervisory reporting requirements.

The Insurance and Pensions Authority has completed a revision of the Isle of Man's pension legislation, which sees the Authority become the regulator of all Isle of Man pension schemes. This site contains information concerning both international and domestic retirement benefit schemes as well as providing relevant guidance on legislation and regulatory requirements.

With effect from 31st March 2004, the Protected Cell Companies Act 2004 came into effect. The purpose of the Act is to provide a framework for the operation of Protected Cell Companies on the Island. Initially, the use of protected cell companies is restricted to carrying on insurance business. Provision has be made within the Act such that, should it be considered desirable in future, the allowable uses of PCCs can be extended to include other types of business.