Who needs to be vetted?
All persons that are to be appointed to the roles listed at section 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 and managers. 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?
The schedules to be completed by persons proposed for those roles are contained in the Insurance (Special Purpose Vehicles) Regulations 2015.
When should notification be given to the Authority?
As per section 29 of 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 Schedule 2 form.