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The IPA is committed to providing an environment within which economic growth and prosperity is encouraged
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The Insurance and Pensions Authority (IPA) is committed to ensuring that all authorised insurers are properly managed, technically competent and adequately financed. Through the Insurance Act 1986, the IPA continues to fulfil, in keeping with international standards, its statutory responsibilities to regulate the Island’s insurance industry.
The IPA is also committed to providing an environment within which economic growth and prosperity is encouraged.Functions and Responsibilities. The main function of the IPA is that of insurance regulator. The IPA is also responsible for the development of the Isle of Man as a high quality international insurance domicile.
From a regulatory perspective, the IPA must be satisfied that any business to be authorised is financially secure. It must also be satisfied that its management advisers are fit and proper, and that any business it authorises will operate in a manner consistent with the international standard of regulation the Island has laid down and the high quality image it portrays.
From a development perspective, the aim is to enhance business opportunities in and from the Island by promoting its security, advanced infrastructure and expertise as an established international insurance domicile.
The IPA is committed to ensuring that its pragmatic yet thorough system of regulation remains one of the Isle of Man’s greatest assets.
The main functions of the IPA include:
- The authorisation and supervision of insurance companies under the Insurance Act 1986 as amended.
- The registration and regulation of general insurance intermediaries transacting business on the Isle of Man under the Insurance Intermediaries (General Business) Act 1996.
- The development of the Retirement Benefits Schemes Bill 1999 which will provide a regulatory framework for domestic and international retirement benefits schemes.
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