Isle of Man: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles
IMF Staff Country Reports, September 14, 2009
Source details
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- Isle of Man: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles
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Bibliographic details
- Published: September 14, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451818482.002
Key findings and assessment summary
- Presents a Detailed Assessment of the Isle of Man’s (IOM) observance of the Insurance Core Principles.
- Regulation has been strengthened since the 2003 Offshore Financial Center assessment.
- The Insurance and Pension Authority has been putting in place Memorandums of Understanding with home regulators and is exchanging information extensively.
- After rapid growth in 2005 and 2006, new business volumes and investment performance have been adversely affected by weaker global equity markets.
- The number of captives established in the IOM has fallen, reflecting competition from jurisdictions within the European Union.
Regulatory and supervisory developments
- Strengthening of regulation relative to the 2003 Offshore Financial Center assessment.
- Insurance and Pension Authority activity highlighted by establishment of Memorandums of Understanding with home regulators and extensive information exchange.
Market dynamics and industry performance
- Rapid growth occurred in 2005 and 2006.
- Subsequent adverse effects on new business volumes and investment performance attributed to weaker global equity markets.
- Decline in the number of captives established in the IOM attributed to competition from jurisdictions within the European Union.
Scope and subject coverage
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Corporate governance, Crime, Economic sectors, Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Solvency.
- Keywords preserved from the source: AML compliance, Anti-money laundering and combating the financing of terrorism (AML/CFT), corporate governance, Corporate governance, CR, Global, Insurance, Insurance companies, IPA authority, IPA bid, IPA keep, IPA staff, IPA supervisor, ISCR, life company, Middle East, Solvency, supervisory authority.