Insurance and Pensions Authority (Ofer Abarbanel online library)

The Insurance and Pensions Authority (Manx: Lught-reill Urryssaght as Penshynyn) or IPA was the statutory body responsible for the regulation and supervision of pensions and insurance businesses operated in or from the Isle of Man. In 2015, the IPA merged with the Financial Supervision Commission (FSC) to form the Financial Services Authority (IOMFSA).[1]

History

It was first established as the Insurance Authority in 1986. In 1997, its remit was expanded to include oversight of businesses providing pensions and similar products, and it was renamed the Insurance and Pensions Authority.

Remit

Its remit is to authorise and supervise those businesses carrying on these activities, either in or from the Island. It also oversees general insurance brokers (those brokers advising on or arranging “long term insurance” – for example, life policies which offer investment benefits – are supervised by the island’s other financial services regulator, the Financial Supervision Commission).

In addition the IPA administers the Isle of Man’s compensation scheme, which is intended to provide protection for policyholders if a life assurance company should be unable to meet its liabilities.

Chairmen

  • Clare Christian MHK, 1986-1987
  • Jim Cain FCA MHK, 1987-1988
  • Norman Radcliffe MLC, 1988-2002
  • Donald Gelling CBE, 2002-2012
  • Peter Pell-Hilley, 2012-2015

Chief Executives

Dr Bill Hastings, 1987-2001 David Vick, 2002-2015

Mission statement

The IPA’s mission statement is as follows:

The IPA exists to maintain and develop an effective regulatory framework for insurance and pension business which will:-

  • Provide security for investors
  • Prevent and deter the Isle of Man being used for the purposes of financial crime
  • Preserve the international reputation of the Isle of Man
  • Ensure a flourishing environment for Isle of Man business

Objectives

Its objectives are:

  • To ensure that the Authority’s policies are up to date and implemented in a timely fashion
  • To resource the Authority with staff of high quality, integrity and experience
  • To maintain high standards in the authorisation, supervision and good conduct of insurance business
  • To maintain a cost-effective support system which, appropriate to needs, is sufficient to support the regulatory and other responsibilities of the authority
  • Without compromising regulatory impartiality, to safeguard the Authority’s and the Island’s image

Legislative base

The primary legislation from which the IPA derives its powers includes:

  • The Insurance Act 1986
  • The Retirement Benefits Schemes Act 2000

In addition the IPA oversees implementation of the Anti Money Laundering Standards, secondary legislation which sets out how businesses regulated by it must conduct themselves in order to prevent their being used by money launderers or for terrorist finance.

References

  1. ^Official IOMFSA website

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