The Insurance and Pensions Authority or IPA is the statutory body responsible for the regulation and supervision of pensions and insurance businesses operated in or from the Isle of Man

Isle of Man

The Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is...

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History

It was first established as the Insurance Authority in 1986. In 1997, its remit was expanded to include oversight of businesses providing pensions and similar products, and it was renamed the Insurance and Pensions Authority.

Remit

Its remit is to authorise and supervise those businesses carrying on these activities, either in or from the Island. It also oversees general insurance brokers (those brokers advising on or arranging "long term insurance" - for example, life policies which offer investment benefits - are supervised by the island's other financial services regulator, the Financial Supervision Commission

Financial Supervision Commission

The Financial Supervision Commission The FSC was established in 1983. The Chairman was previously a Member of Tynwald until 2004 when legislation forbid this.-Chairmen:*Col Dr Edgar Mann, 1983-1985*David Cannan MHK, 1987-1989...

).

In addition the IPA administers the Isle of Man's compensation scheme, which is intended to provide protection for policyholders if a life assurance company should be unable to meet its liabilities.

Chairmen

• Donald Gelling
  Donald Gelling
  Donald James Gelling CBE CP, CInstSMM is a Manx former politician, who is a former Chief Minister of the Isle of Man who served two terms as Head of the Government.-Early life and career:...
  
   CBE
  CBE
  CBE and C.B.E. are abbreviations for "Commander of the Order of the British Empire", a grade in the Order of the British Empire.Other uses include:* Chemical and Biochemical Engineering...
  
  , 2002-present
• unknown, 1988-2002
• Jim Cain
  James Cain (Manx)
  The Honourable James Crookall Cain FCA is a Manx politician, who was the Speaker of the House of Keys and former Minister of the Isle of Man Government and Member of the House of Keys for the constituency of Douglas West....
  
  FCA MHK, 1987-1988
• unknown, 1986-1988

Mission statement

The IPA's mission statement is as follows:

The IPA exists to maintain and develop an effective regulatory framework for insurance and pension business which will:-

• Provide security for investors
• Prevent and deter the Isle of Man being used for the purposes of financial crime
• Preserve the international reputation of the Isle of Man
• Ensure a flourishing environment for Isle of Man business

Objectives

Its objectives are:

• To ensure that the Authority's policies are up to date and implemented in a timely fashion
• To resource the Authority with staff of high quality, integrity and experience
• To maintain high standards in the authorisation, supervision and good conduct of insurance business
• To maintain a cost-effective support system which, appropriate to needs, is sufficient to support the regulatory and other responsibilities of the authority
• Without compromising regulatory impartiality, to safeguard the Authority's and the Island's image

Legislative base

The primary legislation from which the IPA derives its powers includes:

• The Insurance Act 1986
• The Retirement Benefits Schemes Act 2000

In addition the IPA oversees implementation of the Anti Money Laundering Standards, secondary legislation which sets out how businesses regulated by it must conduct themselves in order to prevent their being used by money launderers or for terrorist finance.