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, 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?
For authorised insurers (and applicants) the form set out at Schedule 2 to the Insurance Regulations 1986 needs to be completed 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.