About the IPA
Regulation of Insurance & 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, originally established under the Insurance Act 1986 and continued under the Insurance Act 2008, 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 nineteen-eighties 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.
The Regulatory objectives of the Authority are set out in section 1 of the Insurance Act 2008 and are:
- The securing of an appropriate degree of protection for policyholders and pension scheme members;
- The maintenance of confidence in the Island’s insurance and pensions industries 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.
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 Authority is committed to operating and maintaining effective procedures and policies supporting all aspects of sound corporate governance. The Authority is required to comply with the provisions of the Corporate Governance Principles and Code of Conduct which came into effect for all Departments, Boards and Offices of the Isle of Man Government as from 1st April 2006. In the interests of ensuring the proper and effective operation of the Authority, the code requires there to be in place a clear framework governing that activity ensuring that:
- Decisions are taken properly
- Channels of communication are open
- Performance is monitored
- Standards are upheld
Corporate governance is a broad concept and aims to encompass the structures and processes governing all of the activity of the Insurance and Pensions Authority including aspects relating to its risk management and internal control and its focus on the needs of all of its stakeholders.
As part of its strategy for maintaining high standards of corporate governance the Authority will continue to consult with all stakeholders on matters of regulatory or legislative developments and will continue to foster an environment in which open and constructive dialogue with relevant industry organisations is conducted to the greatest possible extent.
The Authority undertakes periodic reviews of its risk profile and is required to provide an annual Statement of Internal Control to support the findings of its internal control assessment procedures. The effectiveness of the internal control environment is periodically tested to ensure that the Authority addresses any threats it may face in the performance of its strategic objectives.
To download these documents you will need the Adobe Acrobat Reader. This is available free of charge from Adobe by using the following link:
|Annual Report 2011/12||(880 kb)||Acrobat PDF File|
|IPA Service Delivery Plan 2010-13||(598 kb)||Acrobat PDF File|
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