title: Insurance and Pensions Authority
text: # Insurance and Pensions Authority
  
  The Insurance and Pensions Authority (Manx: Lught-reill Urryssaght as Penshynyn) or IPA was the statutory body responsible for the regulation and supervision of pensions and insurance businesses operated in or from the Isle of Man. In 2015, the IPA merged with the Financial Supervision Commission (FSC) to form the Financial Services Authority (IOMFSA).
  
  ## History
  
  It was first established as the Insurance Authority in 1986. In 1997, its remit was expanded to include oversight of businesses providing pensions and similar products, and it was renamed the Insurance and Pensions Authority.
  
  ## Remit
  
  Its remit was to authorise and supervise those businesses carrying on these activities, either in or from the Island. It also oversaw general insurance brokers. (Those brokers advising on or arranging "long term insurance", for example, life policies which offer investment benefits, were supervised by the island's other financial services regulator, the Financial Supervision Commission).
  
  In addition the IPA administered the Isle of Man's compensation scheme, which is intended to provide protection for policyholders if a life assurance company should be unable to meet its liabilities.
  
  ## Chairmen
  
  * Clare Christian MHK, 1986-1987
  * Jim Cain FCA MHK, 1987-1988
  * Norman Radcliffe MLC, 1988-2002
  * Donald Gelling CBE, 2002-2012
  * Peter Pell-Hilley, 2012-2015
  
  ## Chief Executives
  
  * Dr Bill Hastings, 1987–2001
  * David Vick, 2002–2015
  
  ## Mission statement
  
  The IPA's mission statement is as follows:
  
  The IPA exists to maintain and develop an effective regulatory framework for insurance and pension business which will:-
  
  * Provide security for investors
  * Prevent and deter the Isle of Man being used for the purposes of financial crime
  * Preserve the international reputation of the Isle of Man
  * Ensure a flourishing environment for Isle of Man business
  
  ### Objectives
  
  Its objectives are:
  
  * To ensure that the Authority's policies are up to date and implemented in a timely fashion
  * To resource the Authority with staff of high quality, integrity and experience
  * To maintain high standards in the authorisation, supervision and good conduct of insurance business
  * To maintain a cost-effective support system which, appropriate to needs, is sufficient to support the regulatory and other responsibilities of the authority
  * Without compromising regulatory impartiality, to safeguard the Authority's and the Island's image
  
  ## Legislative base
  
  The primary legislation from which the IPA derived its powers included:
  
  * The Insurance Act 1986
  * The Retirement Benefits Schemes Act 2000
  
  In addition the IPA oversaw implementation of the Anti Money Laundering Standards, secondary legislation which sets out how businesses regulated by it must conduct themselves in order to prevent their being used by money launderers or for terrorist finance.
  
  