Insurance and Pensions Authority


The Insurance and Pensions Authority 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 to form the Financial Services Authority.

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.
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

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 and pension business which will:-
Its objectives are:
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.