Governance, Risk and Compliance - The Isle of Man Insurance Industry

Governance, Risk and Compliance - The Isle of Man Insurance Industry


  • Products Id :- IS0176RR
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  • Pages: 31
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Executive Summary

Synopsis

Timetric's '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.

The report brings together Timetric's 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.

Summary

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

An overview of the insurance regulatory framework in 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 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 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.

Reasons To Buy

Gain insights into the insurance regulatory framework in 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.



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1 Introduction

1.1 What is this Report About?

1.2 Definitions

2 Governance, Risk and Compliance

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulations

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Motor third-party liability insurance

2.4.2 Social insurance system

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors (IAIS)

2.5.2 The Isle of Man Financial Services Authority (IOMFSA)

2.5.3 Manx Insurance Association (MIA)

2.5.4 Isle of Man Captive Association (IMCA)

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and penalties

2.7 Company Registration and Operations

2.7.1 Types of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margins

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution (ADR)

3 Appendix

3.1 Methodology

3.2 Contact Timetric

3.3 About Timetric

3.4 Timetric's Services

3.5 Disclaimer

Figure 1: Isle of Man - Insurance Supervision and Control at Various Levels

Figure 2: Isle of Man - Insurance Regulatory Frameworks for Company Registration and Operation

Table 1: Insurance Industry Definitions

Table 2: Isle of Man - Insurance Regulatory Framework Key Features

Table 3: Isle of Man - Life Insurance Regulatory Framework

Table 4: Isle of Man - Property Insurance Regulatory Framework

Table 5: Isle of Man - Motor Insurance Regulatory Framework

Table 6: Isle of Man - Liability Insurance Regulatory Framework

Table 7: Isle of Man - Corporate Tax Rates for the Financial Year 2015

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Insurance

Governance, risk and compliance

Regulatory framework

Life insurance

Property insurance

Motor insurance

Liability insurance

Marine, aviation and transit insurance

Personal accident and health insurance

Compulsory insurance

Licensing requirements

Minimum capital requirements

Solvency requirements

Non-admitted insurance

Reserve requirements

Investment regulations

Licensing fee

Authorization fee

Risk-based capital framework

Accounting standards

Returns requirement

Consumer protection

Law

Regulation

Act

Tax

Insurance premium tax

Corporate tax

VAT

Legal system

Court system

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Single User License
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Corporate User License
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