Insurance
Over the last 25 years, the Isle of Man has developed one of the largest and best respected offshore insurance centres. The Insurance and Pensions Authority is charged with the regulation of the insurance sector.
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. Copies of the Act and Regulations can be downloaded via the principal legislation page.
The recently introduced Insurance Act 2008 consolidates most of the existing primary legislation in relation to insurance regulation, including the Insurance Act 1986, the Insurance (Amendment) Act 2004 and the Insurance Intermediaries (General Business) Act 1996. For more information on the implementation of the Act, see the Insurance Act 2008 page.
The Act seeks to ensure that senior management and controlling parties of insurance businesses are fit and proper, and that the companies are financially sound. The legislation is clear and comprehensive and the reporting requirements it contains satisfy the IPA's strict supervisory needs.
The IPA is committed to the continued development of an appropriate and up-to-date regulatory framework, and was one of the first domiciles to introduce legislation allowing captive insurance companies from other territories to re-domicile to the Island without being liquidated in the original territory. This has considerable savings for the company concerned both in time and cost. The Authority has also introduced legislation to allow the formation of protected cell companies (PCCs). Such entities offer a means of alternative risk transfer to companies for which traditional insurance was previously the only commercially viable option.
The Authority issues, from time to time, consultation documents on proposed legislative changes. If you would like to receive notification of any future consultation documents and updates that may be published, please click here.
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