Insurance business conducted in and from the Isle of Man, and by Isle of Man companies anywhere in the world, is controlled by the Insurance Act 2008.
The Insurance and Pensions Authority (IPA) has responsibility for for the regulation of the insurance and pensions sector in the Isle of Man.
Their remit includes:
- 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
Acknowledgement: IPA