Isle of Man: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles

September 14, 2009

Preview Citation

Format: Chicago

Isle of Man: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles, (USA: International Monetary Fund, 2009) accessed November 21, 2024

Summary

This paper 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.

Subject: 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: 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

Publication Details

Pages:

34
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/277
Stock No:

1IMNEA2009003
ISBN:

9781451818482
ISSN:

1934-7685

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