The Life Assurance Sector
Over the last 30 years, the Isle of Man has developed a large and respected insurance centre. Statistics on the size and level of activity within the insurance sector are shown on the statistics webpage. The Isle of Man Financial Services Authority (“the Authority”) is charged with the regulation of the insurance sector.
Life assurance companies carrying out insurance business in or from the Isle of Man are required to be authorised under the Insurance Act 2008.
The Insurance Act 2008 consolidated most of the former primary legislation in relation to insurance regulation, including the Insurance Act 1986, the Insurance (Amendment) Act 2004 and the Insurance Intermediaries (General Business) Act 1996. The Act seeks to ensure that senior management and controlling parties of insurance businesses are fit and proper, and that the companies are financially sound.
For a list of entities regulated under the Insurance Act 2008, please click here.
The Authority is committed to the continued development of an appropriate and up-to-date regulatory framework and is currently engaged on a major project to update this framework in line with recent developments in international supervisory standards (for more information on this project see here).