Isle of Man completes first part of review

The Isle of Man is set to enhance its challenge for the world’s captive industry business by announcing the end of the first stage of the strategic review of the Island’s captive insurance industry.

The Bennet Report, a review of the Isle of Man’s insurance and captive sector, prepared by ex-AIRMIC Chairman, Norman Bennet, has been completed and presented to industry and Government representatives on the Island.

It identifies the requirements to re-position the Isle of Man as the jurisdiction of choice over competitor domiciles.

Derek Patience, chairman of the Manx Insurance Managers Association (MIMA) on the Isle of Man, commented on the Report: “We are delighted with the on-Island support we have received so far on the Bennet Report.

The Report highlights the strengths of our already well-established insurance and captives industry, but emphasises that in order for us to move ahead of our competitors, we need to renew our focus and raise our profile.”

John Spellman, head of Isle of Man Finance, added: “We are already a dominant player in insurance for the life sector and it is now time to up the ante in the captive insurance sector too. This Report, focusing on the captive insurance sector, is the latest in the drive by the Island to further enhance our position as the jurisdiction of choice for international financial services, over competitor locations.

"The offering of modern regulation, sophisticated infrastructure and a zero percent tax regime will prove more than a formidable challenge to other more crowded locations."

Like the recent review of the Island’s fund sector, the Bennet Report has been produced with wide consultation across the Island’s public and private sector.

The Report has been received with interest by the Isle of Man Finance Strategic Group with detailed implementation plans currently being drafted to meet legislative and fiscal plans for 2008.