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Other than the well-known tax efficiency and Policyholder protection, the Government’s openness and accessibility to the industry let us implement and achieve commercial objectives quickly.
Isle of Man is a well-respected and successful financial centre that is globally recognised for implementing the highest standards of compliance, regulation and transparency. As a leading jurisdiction on tax-transparency, Isle of Man has adopted the Organisation for Economic Co-operation and Development (OECD) standard for Base Erosion and Profit Shifting (BEPS), FATCA, Common Reporting Standards (CRS) and Country-by Country reporting.
Further, all of Capital Investment Group’s policies are governed by the Isle of Man Insurance Act and the Act has been selected on the basis that it provides a comprehensive offshore legal framework. The Act, among other matters, prescribes content of policies and defines insurable interest and we believe it offers maximum flexibility for life insured and provides for the efficient administration of policies including payment of death benefits.
Other reasons why Isle of Man is our choice:
Brings our international Clients much greater scope of tax efficiency.
The ease, convenience, speed and efficiency of transacting in the market.
No corporation tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance taxes in Isle of Man for international companies.
Capital Investment Group is registered under the Insurance Act 1978 and the Segregated Accounts Companies Act 2000. The Company is under supervision of the Insurance Department within the Isle of Man Financial Services Authority. The Insurance Department is also responsible for the regulation and inspection of Isle of Man’s insurance companies and for licensing of all insurance companies. The Insurance Act 1978 provides the Authority with substantive licensing and intervention powers.
In developing its regime, the Authority seeks foremost to act in the best interests of Policyholders and prospective Policyholders while facilitating the continued development of a viable, healthy, competitive and innovative insurance industry. This approach has been applied to reinsurance business and captive business in Isle of Man for over 20 years. During that period, the Authority has also been assisted in implementing supervision that is both appropriate and effective by the existence of a mature financial market infrastructure, and it has been able to tailor its supervisory approach accordingly.
The Authority has a risk-based supervisory process, which categorizes regulated entities according to a number of parameters within each class of insurance. The Authority’s supervisory regime includes scrutiny of audited statutory financial returns, and, as appropriate, meetings with senior management and on-site visits and inspections. Companies are required to provide to the Authority annual statements audited by an approved auditor. The auditor is required to express an opinion on the reasonableness of the statements in an insurer’s Solvency Certificate and on whether the statutory ratios comply with the requirements of the Act and Regulations. Actuarial certification of loss reserves is required annually for Class 3 and Class 4 companies, and triennially for Class 2 companies. The Authority’s general approach involves the application of more rigorous scrutiny and more onerous requirements where material amounts of business are transacted with unrelated parties.
In addition, there can be a greater reliance on transparency and ongoing disclosure where counterparties are sufficiently expert and sophisticated to be reasonably expected to understand and judge the underlying risks, and to determine their degree of tolerance for them. As a result, the Authority is able to concentrate its resources in those areas that most need attention, placing particular weight on the early identification of areas of non-compliance and possible emerging problems. In addition to the extensive on-site work conducted by approved auditors and actuaries, Authority staffs carry out detailed on-site reviews, coupled with comprehensive off-site analysis. The Authority is a charter member of the International Association of Insurance Supervisors (“IAIS”) and continues to be closely involved with that body in the development of guidelines for global insurance regulation.
The Isle of Man Financial Services Authority is the integrated regulator of the financial services sector in Isle of Man.
Established under the Isle of Man Financial Services Act 1969, it supervises, regulates and inspects financial institutions operating in or from within the jurisdiction. It also assists other authorities in Isle of Man with the detection and prevention of financial crime; and advises the Government and public bodies on banking and other financial and monetary matters. The Authority develops risk-based financial regulations that it applies to the supervision of Isle of Man’s banks, trust companies, investment businesses and insurance companies.
Details of the Authority’s regulatory approach and of the standards and requirements of its different regulatory regimes can be found in the relevant sections of this website. In addition, as required by the relevant financial services legislation, the authority provides specific reports on its activities to the Minister of Finance on an annual basis. In carrying out its role, the Authority both follows and helps to set international best practice.
The Isle of Man’s goal is to support overall stability in the Isle of Man market and make sure business is conducted prudently. Ultimately their responsibilities aim to protect Isle of Man’s reputation, and the local depositors, policyholders and investors who use financial services in Isle of Man.
The Isle of Man Financial Services mission is to protect and enhance Isle of Man’s reputation and position as a leading international financial centre, utilising a team of highly skilled professionals acting in the public interest to promote financial stability, safeguard our currency and provide effective and efficient supervision and regulation.
The Insurance Department within the Isle of Man is responsible for the regulation and inspection of Isle of Man’s insurance companies and for licensing of all insurance companies. The Insurance Act 1978 provides the Authority with substantive licensing and intervention powers. In developing its regime, the Authority seeks foremost to act in the best interests of policyholders and prospective policyholders while facilitating the continued development of a viable, healthy, competitive and innovative insurance industry. This approach has been applied to reinsurance business and captive business in Isle of Man for over 20 years. During that period, the Authority has also been assisted in implementing supervision that is both appropriate and effective by the existence of a mature financial market infrastructure, and it has been able to tailor its supervisory approach accordingly.
The Authority has a risk-based supervisory process, which categorizes regulated entities according to a number of parameters within each class of insurance. The Authority’s supervisory regime includes scrutiny of audited statutory financial returns, and, as appropriate, meetings with senior management and on-site visits and inspections.
Companies are required to provide to the Authority annual statements audited by an approved auditor. The auditor is required to express an opinion on the reasonableness of the statements in an insurer’s Solvency Certificate and on whether the statutory ratios comply with the requirements of the Act and Regulations. Actuarial certification of loss reserves is required annually for Class 3 and Class 4 companies, and triennially for Class 2 companies.
The Authority’s general approach involves the application of more rigorous scrutiny and more onerous requirements where material amounts of business are transacted with unrelated parties. In addition, there can be a greater reliance on transparency and on-going disclosure where counterparties are sufficiently expert and sophisticated to be reasonably expected to understand and judge the underlying risks, and to determine their degree of tolerance for them. As a result, the Authority is able to concentrate its resources in those areas that most need attention, placing particular weight on the early identification of areas of non-compliance and possible emerging problems. In addition to the extensive on-site work conducted by approved auditors and actuaries, Authority staffs carry out detailed on-site reviews, coupled with comprehensive off-site analysis.
The Authority is a charter member of the International Association of Insurance Supervisors (“IAIS”) and continues to be closely involved with that body in the development of guidelines for global insurance regulation.
Resolve individual customer service issues on a case-by-case basis. Instead they check for regulatory breaches across each sector and deal with non-compliant companies.
They also monitor how institutions are adhering to the market Codes.
The Codes listed below have been developed to set standards of good practice and transparency among all financial institutions in Isle of Man.
These Codes are available to help the public and companies understand what standards and level of service companies should adhere to when providing financial services.
The Market Codes are designed to ensure that customers receive fair treatment, which includes:
Isle of Man’s financial companies have made a commitment to adhere to these Codes.
Local banks, investment firms, insurance companies, trust companies and fund administrators can assist you with understanding how the Codes are applied when serving you and your individual needs. The Insurance Code of Conduct establishes the duties, requirements and standards Isle of Man’ s insurers must adhere to.
A Isle of Man Insurer must:
