Isle of Man Life Insurance

Located in the middle of the Irish Sea, the Isle of Man is a 221 square mile island almost equidistant from England, Scotland, Wales and Northern Ireland. Home to around 85,000 people, around a third live in the island’s capital Douglas while around 10,000 in the adjoining village of Onchan.

While the island’s trade is mostly with the United Kingdom, the Isle of Man is not part of the UK. It is a self-governing British Crown dependency and holds neither membership nor associate membership of the European Union. It also lies outside the European Economic Area although a special relationship ensures that Manx goods can be freely moved within the EEA (although people, capital and services cannot).

The Isle of Man’s strong identity is due in part to its independence and the fact that the Island is self-governing. It has the oldest continuous parliament in the world, Tynwald, which dates back over 1,000 years.

Keep reading to find out more about the financial services sector on the Isle of Man.

The Isle of Man has a strong reputation for financial services excellence

The Isle of Man is a low tax economy with no capital gains tax, wealth tax, stamp duty, death duty or inheritance tax. Corporation tax is at 0 per cent and the maximum rate of income tax is 20 per cent with a cap of £115,000.

Over the last 40 years the Isle of Man has developed an international reputation for financial services excellence. The development of the Isle of Man’s insurance and pensions sector arose from the Isle of Man Government’s decision in the early 1980s to seek to encourage diversification in the finance sector.

Established as the Insurance Authority in 1986 under the Insurance Act 1986 and continued under the Insurance Act 2008, the Insurance and Pensions Authority is a statutory board originally established to regulate the insurance sector of the Isle of Man.

Following the addition to its responsibilities of the development and implementation of a supervisory framework for pension schemes it became the Insurance and Pensions Authority in January 1997.

The Isle of Man Life Insurance Sector

The IOM has one of the world’s largest offshore life assurance sectors. The Island’s effective regulatory regime makes it attractive to high quality business, and this has helped it to develop into one of the world’s leading centres for offshore life assurance.

The island is home to the international subsidiaries of highly respected life assurance companies, which attract business from all around the world. At the end of 2007 the total funds under management for the sector totalled £42.9 billion.

Life Insurance IOM Specific

If you are looking for life insurance and you live on the Isle of Man, you’ve come to the right place. We search from a list of leading insurers who offer cover to Isle of Man residents and  you’ll also benefit from discounted premiums, meaning you’ll always pay less than going direct.