Financial Services & Insurance Research News

Research report explores the governance, risk and compliance in the isle of man insurance industry

The Isle of Man Insurance Industry - 2017

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Synopsis

'Governance, Risk and Compliance – The Isle of Man Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Isle of Man.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

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The report brings together research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Report: www.wiseguyreports.com/sample-requ…nsurance-industry

Summary 

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Isle of Man, including:

  • An overview of the insurance regulatory framework in the Isle of Man.
  • The latest key changes, and changes expected in the country’s insurance regulatory framework.
  • Key regulations and market practices related to different types of insurance product in the country.
  • Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Isle of Man.
  • Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.
  • Details of the tax and legal systems in the country.

Scope 

  • The report covers details of the insurance regulatory framework in the Isle of Man.
  • The report contains details of the rules and regulations governing insurance products and insurance entities.
  • The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
  • The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
  • The report provides details of taxation imposed on insurance products and insurance companies.

Key points to access

  • Gain insights into the insurance regulatory framework in the Isle of Man.
  • Track the latest regulatory changes, and expected changes impacting the Isle of Man insurance industry.
  • Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
  • Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights 

  • Insurance industry of the Isle of Man is regulated by the IOMFSA.
  • Non-admitted insurance is not permitted in the Isle of Man insurance industry.
  • Composite insurance license is issued in the insurance industry of the Isle of Man.
  • There are no premium taxes on insurance contract in the Isle of Man.
  • Motor third-party liability and social security insurance are compulsory classes of insurance in the Isle of Man.

Table of Contents 

1 INTRODUCTION 

2 GOVERNANCE, RISK AND COMPLIANCE 

3 APPENDIX 

..CONTINUED

 

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