Who needs to be vetted?
All persons that are to be appointed to the roles listed at sections 18 and 29 of the Insurance Act 2008 must be notified to the Isle of Man Financial Services Authority (“the Authority”). The equivalent requirement applies to individuals proposed for such roles within an applicant for authorisation.
Vettable roles for applicants and regulated entities include controllers, directors, the chief executive, principal control officers, managers and the appointed actuary. The Authority will carry out checks on the proposed appointees to assess their fitness and propriety. The assessment considers the integrity, competence and financial standing of the individual.
Which form needs to be submitted?
On 1 February 2018, the Schedule 2 form set out within the Insurance Regulations 1986 was removed from the Regulations by the Insurance (Amendment) Regulations 2018. Notification of new appointments to vettable roles should be made on the Connected Persons Notification Form and submitted to the Life Assurance Supervision Team at the Authority.
When should notification be given to the Authority?
Under the Insurance Act 2008, the Authority must be notified not less than 28 days in advance of an appointment. The Authority expects that notification will be made by completing and submitting the relevant form.