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Isle of Man Life Insurance License

Isle of Man Life Insurance

Over the last 30 years, the Isle of Man has developed a large and respected insurance center. The Isle of Man Financial Services Authority is charged with the regulation of the insurance sector.

Life assurance companies carrying out insurance business in or from the Isle of Man are required to be authorized under the Insurance Act 2008. The Act seeks to ensure that senior management and controlling parties of insurance businesses are fit and proper, and that the companies are financially sound.

Authorization Process:

Applications for authorization are made in writing by the applicant to the Authority.

The Authority will expect the applicant to have a substantive physical presence and an adequate number of employees on the Isle of Man.

The Authority will advise the applicant in writing whether or not authorization will be granted and, where relevant, any conditions that will be imposed.

The Authority aims to complete its consideration of the application within 3 to 6 months.

Once the Authority is satisfied that the applicant has complied with all requirements, an authorization certificate will be issued.

The applicant or the appointed insurance manager should acknowledge receipt in writing and advise the Authority of the commencement of business and the first financial year end date.

For more information, please feel free to contact Neptune Fiduciaries on info@neptunecorporate.com or sales@neptunecorporate.com.

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