About the Insurance and Pensions Authority

The Insurance and Pensions Authority is the primary regulator for Insurance and Pensions business being operated in or from the Isle of Man.  It exists to maintain and develop a regulatory framework for insurance and pensions business that will:

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 established under the Insurance Act 1986 (as amended in this regard by the Retirement Benefits Schemes Act 2000 and the Insurance (Amendment) Act 2004) and has responsibility for the regulation of the insurance and pensions sector in the Isle of Man.

The Members of the IPA are appointed by the Treasury, subject to the approval of Tynwald.  They comprise a Chairman and four other members, one of whom is the Chief Executive of the IPA.  All the members have substantial experience of the international insurance industry, and include an actuary and an accountant.

Role of the Authority

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 the 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.  In this regard the Authority derives its powers from the Insurance Act 1986 (as amended).

It also has responsibility for the registration of general insurance intermediaries carrying on business in or from the Isle of Man.  In this regard it derives its powers from the Insurance Intermediaries (General Business) Act 1996 (as amended).

Following the introduction of the Retirement Benefits Schemes Act 2000 it also has responsibility for the regulation of pension schemes and those persons who conduct and administer pensions business on the Island.

The IPA is also the designated scheme manager of the Island's statutory policyholders' compensation scheme for life assurance companies.

The Authority's more detailed requirements in respect of all the above responsibilities are set out in secondary legislation made under the Acts and additional guidance notes issued from time to time.

In accordance with the Insurance Act 1986, the IPA board delegates much of its responsibility on a day-to-day basis to the holder of the office known under the Insurance Act 1986 as the Insurance Supervisor.

The Insurance Supervisor is also the chief executive officer of the IPA.  The Supervisor and his staff exercise the Authority's functions by a combination of both off-site and on-site regulation.  The core activities of the Authority include:

• Consideration of applications from entities wishing to be authorised by the Authority;
• Monitoring of insurance companies through the reviewing of quarterly and annual returns and other information;
• Regular on-site inspections of insurance companies, insurance managers and general insurance intermediaries.

Acknowledgement: Insurance and Pensions Authority

Contact Details:

Isle of Man Government Insurance and Pensions Authority
4th Floor, HSBC House
Ridgeway Street
Douglas
Isle of Man
IM1 1ER
British Isles

TEL NO: +44 (0) 1624 646000

FAX NO: +44 (0) 1624 646001

EMAIL: ipa.admin@ipa.gov.im

Please click on the Insurance and Pensions Authority logo for a link to their own website.