Isle of Man Insurance Industry - Governance, Risk and Compliance

Table of Contents
1 INTRODUCTION
1.1 What is this Report About?
1.2 Definitions
2 GOVERNANCE, RISK AND COMPLIANCE
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulation
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Social insurance system
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 The Isle of Man Financial Services Authority
2.5.3 Manx Insurance Association
2.5.4 Isle of Man Captive Association
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and Penalties
2.7 Company Registration and Operations
2.7.1 Type of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margin
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)
3 APPENDIX
3.1 Methodology
3.2 Contact GlobalData
3.3 About GlobalData
3.4 GlobalData's Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Isle of Man - Insurance Regulatory Framework Key Features
Table 3: Isle of Man - Life Insurance Regulatory Framework
Table 4: Isle of Man - Property Insurance Regulatory Framework
Table 5: Isle of Man - Motor Insurance Regulatory Framework
Table 6: Isle of Man - Liability Insurance Regulatory Framework
Table 7: Isle of Man - Application Fees for Insurance Companies 2020
Table 8: Isle of Man - Annual Fees in 2020
Table 9: Isle of Man - Annual Fees with respect to permit holders in 2020
Table 10: Isle of Man - Corporate Tax Rates for the Financial Year 2020

List of Figures
Figure 1: Isle of Man - Insurance Supervision and Control at Various Levels
Figure 2: Isle of Man - Insurance Regulatory Frameworks for Company Registration and Operation