Report emphasises need to raise island's profile as jurisdiction of choice for international financial services
The Isle of Man has ended the first stage of a strategic review into 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: “The Report…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, commented: “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.”
According to Isle of Man finance, implementation plans are currently being drafted to meet legislative and fiscal plans for 2008.