Training & Competence
The Isle of Man has been recognised internationally as a jurisdiction with a robust and effective regulatory environment. A cornerstone of this environment is the knowledge and experience of those individuals working within the financial services sector. The primary responsibility for ensuring that a business is staffed and supported by competent individuals rests with that business.
Individuals undertaking certain roles for authorised insurers are required to demonstrate to the Isle of Man Financial Services Authority (“the Authority”) that they have the necessary competence to undertake that role as part of the Authority’s “Fit and Proper” person criteria reviewed as part of the vetting process.
Further guidance specifically in relation to ISPVs can be found in the Guidance Notes for Insurance Special Purpose Vehicles.