The Insurance and Pensions Authority ( gv, 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 ) , anthem = "O Land of Our Birth" , image = Isle of Man by Sentinel-2.jpg , image_map = Europe-Isle_of_Man.svg , mapsize = , map_alt = Location of the Isle of Man in Europe , map_caption = Location of the Isle of Man (green) in Europe ...

. In 2015, the IPA merged with the

Financial Supervision Commission The Financial Supervision Commission (FSC) ( gv, Barrantee Oaseirys Argidoil) was the financial regulator of the Isle of Man. The commission was established in 1983. The Chairman was previously a Member of Tynwald until legislation forbade this ...

(FSC) to form the Financial Services Authority (IOMFSA).

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 was to authorise and supervise those businesses carrying on these activities, either in or from the Island. It also oversaw general insurance brokers. (Those brokers advising on or arranging "long term insurance", for example, life policies which offer investment benefits, were supervised by the island's other financial services regulator, the

). In addition the IPA administered 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 Clare Margaret Christian OBE CP (born 11 September 1945) is a Manx politician, who was President of Tynwald until 2016. She is a former member of the Legislative Council and former Health Minister in the Isle of Man Government. Christian is ...

MHK, 1986-1987 * Jim Cain FCA MHK, 1987-1988 *

Norman Radcliffe John Norman Radcliffe was a former member of the Legislative Council of the Isle of Man. He was born in 1931 and educated at Ramsey Grammar School. He became a farmer before being both a member and the Chairman of the Andreas Parish Commissione ...

MLC, 1988-2002 *

Donald Gelling Donald James Gelling CBE CP, CInstSMM (born 5 July 1938) is a Manx former politician, who is a former Chief Minister of the Isle of Man who served two terms as Head of the Government. Early life and career Gelling was born on Tynwald Day (5 ...

CBE The Most Excellent Order of the British Empire is a British order of chivalry, rewarding contributions to the arts and sciences, work with charitable and welfare organisations, and public service outside the civil service. It was established o ...

, 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 fo
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 derived its powers included: * The Insurance Act 1986 * The Retirement Benefits Schemes Act 2000 In addition the IPA oversaw 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

External links

* http://www.gov.im/IPA/ Government of the Isle of Man

Insurance regulation Pension regulation {{IsleofMan-stub