Regulations and Guidance - Insurance
Consultative Documents
Insurance (Anti-Money Laundering) Regulations 2008
Guidance Notes on Anti-Money Laundering and Preventing the Financing of Terrorism - for Insurers (Long Term Business)
On 19th March 2008, the Insurance and Pensions Authority released consultative drafts of the above Anti-Money Laundering Regulations and Guidance Notes. The purpose of the Regulations is to transfer into secondary legislation certain requirements of the current Anti-Money Laundering Standards for Insurance Businesses whilst, at the same time, taking the opportunity to reflect recent changes in international standards specifically in relation to (a) a risk based approach towards customer due diligence and (b) procedures for dealing with Politically Exposed Persons. The purpose of the Guidance Notes is to re-affirm the fundamental requirements of the current Anti-Money Laundering Standards for Insurance Businesses whilst taking account of recent international developments in areas relating to risk based due diligence and dealing with Politically Exposed Persons. The structure and content is, to a large degree, derived from the current Standards and many of the existing requirements remain unchanged either in their precise wording or intent. The consultation period closed on 25th April 2008.
Having considered the consultation responses, the Authority has provided comments to each of the respondents and has prepared revised Regulations and Guidance Notes which incorporate salient matters raised.
The finalised Regulations and Guidance Notes were made on 20th June 2008 and will be laid before the July sitting of Tynwald. The effective date for each is 1st September 2008.
Copies of the Regulations and Guidance Notes are available for download via the links at the bottom of this page, along with a summarised version of the feedback to the consultation, together with the Authority’s comments / actions taken.
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Incorporated Cell Companies Bill 2008
The Insurance and Pensions Authority recently released a consultative draft of the Incorporated Cell Companies Bill 2008, which is available for download via the link at the bottom of this page. The purpose of the Bill is to provide a legislative framework for the establishment and operation of Incorporated Cell Companies to undertake insurance business. This is in addition to existing provisions for Protected Cell Companies under the Protected Cell Companies Act 2004.
Regulations will be developed which, when made by Treasury, will give full effect to the Act in relation to insurance entities. Additional regulations may subsequently extend the provisions of the Bill to non-insurance entities.
The consultation period ended on 30th May 2008. The Authority is considering comments received and will seek to respond to any such comments or questions as soon as is practicable.
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Should you require information relating to any past consultative exercises please write to the address below or contact the Authority by email.
If you would like to receive notification of any future consultation documents and updates that may be published, please click here.
| Insurance and Pensions Authority | |
|---|---|
| Address: | 4th Floor HSBC House Ridgeway Street Douglas Isle of Man British Isles |
| Post Code: | IM1 1ER |
| Telephone: | 01624 646000 |
| Fax: | 01624 646001 |
| Email Address: | ipa@gov.im |
To download these documents you will need the Adobe Acrobat Reader. This is available free of charge from Adobe by using the following link:
| Title | File Size | Format |
|---|---|---|
| Consultation Feedback - AML Regulations and Guidance Notes | (150 kb) | Acrobat PDF File |
| Insurance (Anti-Money Laundering) Regulations 2008 | (63 kb) | Acrobat PDF File |
| Guidance Notes on Anti-Money Laundering and Preventing the Financing of Terrorism – for Insurers (Long Term Business) | (414 kb) | Acrobat PDF File |
| Consultative Document - Incorporated Cell Companies Bill 2008 | (483 kb) | Acrobat PDF File |
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