Life Insurance

General

The Isle of Man has a large and respected insurance sector.

Information on the size and level of activity of insurers located in the Isle of Man may be found by clicking the STATISTICS link opposite.

In the Isle of Man, insurance regulation falls under the Insurance Act 2008 with secondary legislation and guidance made or issued under that Act. Further details of the Act, its secondary legislation and guidance may be found by clicking the LEGISLATION & GUIDANCE link opposite.

Unless relevant exemptions or exclusions apply, the carrying on, or holding out as carrying on, of insurance business in or from the Isle of Man is required to be authorised or permitted by the Authority under the Insurance Act 2008.

In addition to conventional companies, Isle of Man authorised insurers may be established as protected cell companies, protected cells, incorporated cell companies, incorporated cells and limited partnerships.

For a list of entities regulated by the Authority, click here.

Further details on the authorisation of insurers, regulatory reporting requirements, the Authority’s supervisory methodology and policyholder protection may be found by clicking the relevant links opposite.

Details of the types of insurance which fall within each of the 13 classes of insurance available in the Isle of Man may be found under regulation 3(3) of the Insurance Regulations 2025. For quick reference, a general description of the long-term classes follows below.

Life Insurance (long-term business) – classes 1, 2 and 10

As a general description, a life insurer (or long-term business insurer) provides insurance determined to be in effect for over 5 years to policyholders that are otherwise unrelated to the insurer, or reinsurance with underlying policyholders that are otherwise unrelated to the insurer, of the following types –

• Long-term pure protection insurance policies paying out on human life, incapacity or terminal illness; and
• Long-term insurance policies with an investment element paying out on surrender, a specified date or earlier death.

Further general information on Captive Insurers, Insurance Special Purpose Vehicles (ISPVs) and Standby Insurers as they potentially relate to Life Insurance may be found by clicking here.