Established as the Insurance Authority in 1986 under the Insurance Act 1986 and continued under the Insurance Act 2008, the Insurance and Pensions Authority is a statutory board originally established to regulate the insurance sector of the Isle of Man. Following the addition to its responsibilities of the development and implementation of a supervisory framework for pension schemes in the form of the Retirement Benefits Schemes Act 2000, it became the Insurance and Pensions Authority in January 1997.
Central to the work of the Authority across all sectors for which it is responsible are the regulatory objectives set out in section 1 of the Insurance Act 2008. These are as follows:
• Securing an appropriate degree of protection for policyholders and scheme members;
• The maintenance of confidence in the Island’s insurance and pensions industry in the Island and elsewhere; and
• The reduction in the extent to which it is possible for any insurance or pensions business to be used in connection with the commission of financial crime.
Responsibilities and sectors
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 on the Island; More ...
• Registration and ongoing supervision of insurance managers carrying on business in or from the Island; More ...
• Registration and ongoing supervision of general insurance intermediaries carrying on business in or from the Island; More ...
• Regulation of pension schemes and those persons who conduct and administer pensions business on the Island; and More ...
• Administration of the Island’s statutory policyholders’ compensation scheme for life assurance companies, in its position as designated scheme manager. More ...
Anti-money laundering and countering the financing of terrorism
The Authority is also responsible for monitoring compliance of its regulated entities with relevant AML/CFT legislation.
Information about regulated entities can be found here.
Statistical information on insurance and pensions business can be found here.
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