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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).
Contents
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
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:-
Objectives
Its objectives are:
Legislative base
The primary legislation from which the IPA derives its powers includes:
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.