There are many reasons why the Isle of Man has proven to be an ideal location for insurance and pensions business including the Island’s long political history and stability, pragmatic yet robust legislation and regulatory policies, a proactive Regulator and robust Policy Holder Protection for long term business. An experienced, available labour force and favourable operational costs, in addition to an attractive underlying fiscal environment have also undoubtedly been key contributing factors.
The Life Assurance industry has enjoyed exceptional growth in recent years both in terms of premium income and in overseas market penetration. Funds under management reached in excess of £37 billion in 2008 with premium income over £8 billion. Recent years have also seen a marked growth in the establishment, by Isle of Man life assurers, of new branch operations in overseas territories. Alongside this, the range of markets open to the sector has expanded following the granting of a number of product licences in other jurisdictions. and in overseas market penetration.
Similarly since the introduction of the Retirement Benefits Schemes Act 2000 and the Retirement Benefits (International Schemes) Regulations 2001 the number of International Pension Schemes has grown strongly and now includes many large multinational names.
The Island has a strong, well established, captive sector which has been a leading player in the global market for many years. The international captive market is well represented on the Isle of Man, with many major captive managers having a significant presence on the Island.
 |  | Terms & Conditions | ©2012 Crown Copyright |
