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THE ISLE OF MAN - A STABLE BASE FOR YOUR INVESTMENT
History:
The Isle of Man is an self governing Crown Dependency situated in the Irish
Sea, midway between Ireland and England. Tynwald, the Manx Parliament, is
older than the House of Commons (UK Parliament) and has provided the seat of
government for over 1,000 years. Democracy, then, is part of Manx history.
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The Isle of Man enacts its own legislation, which receives Royal assent. As
the United Kingdom has sovereignity over the island, it is responsible for
the island's ultimate good government, and in particular, the insurance
legislation which is based upon that of the United Kingdom.
Protection:
The Isle of Man is the only offshore finance centre providing compensation
schemes in all three of the main areas of finance - namely deposits, funds
and life policies.
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Click for Isle of Man map
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Policyholder Protection in the Isle of Man is
provided under the Life Assurance (Compensation of Policyholders)
Regulations 1991, administered by the Isle of Man Government Insurance and
Pensions Authority and offering protection broadly along the lines of the UK
Policyholders Protection Act 1975. It can be summarised as follows:
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all holders of policies
issued after April 5th, 1988 by Isle of Man insurance companies are
protected;
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up to 90% of benefits under
a policy are covered with no ceiling;
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potential Policyholders
where policy documents have not yet been issued are covered;
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the Insurance and Pensions
Authority is required to seek out protected Policyholders in the event
that a company becomes unable to meet its liabilities and find ways of
securing continuance of Policyholders’ benefits.
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Security:
The Isle of Man was the first of 35 jurisdictions to achieve the highest
financial services rating issued by the three of the world's most
influential policy making bodies (OECD, FATF and FSF). This rating relates
to an offshore financial centre's stability and security.
The island is the first Crown Dependency to launch an independent Financial
Services Ombudsman scheme. Individuals with an unresolved financial
complaint against an Isle of Man company after April 1999 can use this
scheme. |
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In 2002, Standard and Poor's and Moody's have both given the Isle of Man AAA
ratings - this compares favourably to the likes of both Italy and Spain
which were given AA ratings.
Awards:
The Isle of Man has won numerous awards, which confirm its position as one
of the world's premier offshore centres. |
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- International Money Marketing
International Financial Centre of the Year 2006
International Financial Centre of the Year 2005
International Financial Centre of the Year 2004
International Financial Centre of the Year 2002
International Financial Centre of the Year 2001
International Financial Centre of the Year 2000
International Financial Centre of the Year 1999
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- Offex - Offshore Awards for Excellence
Best Offshore Centre for Life Assurance 2000
Best Offshore Centre for Investment 2000
Best Offshore Centre for Life Assurance 1999
Best Offshore Centre for Investment 1999
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- International Financial Adviser Awards for Excellence
Best International Territory 2001
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- International Investment's Offshore Fund and Product Awards
Best Offshore Centre 2002
Best Offshore Centre 2001
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Privacy Policy
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2008