Isle of Man Non-Life Insurance License

Isle of Man Non-Life Insurance Including Captive Insurance

The Island's non-life insurance sector is predominantly made up of captive insurers and associated specialist insurance management companies, ranging from subsidiaries of the major international insurance broking and risk management organizations to local operations.

Third-party commercial writers and providers of insurance to individuals make up a relatively small portion of the non-life market on the Isle of Man.

Regulation: The Isle of Man Financial Services Authority is charged with the regulation of the insurance sector.

Non-life insurance companies carrying out insurance business in or from the Isle of Man are required to be authorised under the Insurance Act 2008.

Captive Sector: A captive insurance company is, in its purest form, a subsidiary company formed to insure or reinsure the risks of its parent and associated group companies. Captives are usually formed to provide alternative risk management solutions to that of the conventional insurance market.

The Isle of Man is recognized as being one of the leading centers for captive insurance business. It has a strong reputation for attracting high-quality captive business. Captives have become an integral part of the risk management strategy of large companies and continue to offer one of the most effective and widely used mechanisms for risk treatment.

Application for Authorization: The Isle of Man Financial Services Authority is responsible for the authorization of insurance businesses on the Isle of Man. Applications for authorization are made in writing by the applicant to the Authority. The Authority seeks to ensure that new entrants to the insurance sector meet the required minimum standards expected of an Isle of Man regulated entity.

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