This article has multiple issues. Please help improve it or discuss these issues on the talk page . (Learn how and when to remove these messages)
|
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). [1]
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.
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.
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:-
Its objectives are:
The primary legislation from which the IPA derived its powers included:
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.
The Manx Labour Party is a political party on the Isle of Man that was founded in 1918.
Banking regulation and supervision refers to a form of financial regulation which subjects banks to certain requirements, restrictions and guidelines, enforced by a financial regulatory authority generally referred to as banking supervisor, with semantic variations across jurisdictions. By and large, banking regulation and supervision aims at ensuring that banks are safe and sound and at fostering market transparency between banks and the individuals and corporations with whom they conduct business.
In general, compliance means conforming to a rule, such as a specification, policy, standard or law. Compliance has traditionally been explained by reference to deterrence theory, according to which punishing a behavior will decrease the violations both by the wrongdoer and by others. This view has been supported by economic theory, which has framed punishment in terms of costs and has explained compliance in terms of a cost-benefit equilibrium. However, psychological research on motivation provides an alternative view: granting rewards or imposing fines for a certain behavior is a form of extrinsic motivation that weakens intrinsic motivation and ultimately undermines compliance.
The Isle of Man Government is the government of the Isle of Man. The formal head of the Isle of Man Government is the Lieutenant Governor, the personal representative of the Lord of Mann. The executive head is the Chief Minister.
The Financial Supervision Commission (FSC) was the financial regulator of the Isle of Man.
The USA PATRIOT Act was passed by the United States Congress in 2001 as a response to the September 11 attacks in 2001. It has ten titles, with the third title written to prevent, detect, and prosecute international money laundering and the financing of terrorism.
The Office of the Superintendent of Financial Institutions is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". It is the sole regulator of banks, and the primary regulator of insurance companies, trust companies, loan companies and pension plans in Canada.
The Federal Financial Supervisory Authority, better known by its abbreviation BaFin, is Germany's integrated financial regulatory authority. Since 2014, it has been Germany's national competent authority within European Banking Supervision. It is an independent federal institution with headquarters in Bonn and Frankfurt and falls under the supervision of the Federal Ministry of Finance. BaFin supervises about 2,700 banks, 800 financial services institutions, and over 700 insurance undertakings.
The Treasury of the Isle of Man is the finance department of the Isle of Man Government. It prepares the annual budget for the Government, and also handles taxation, customs and excise, economic affairs, information systems, internal audit, currency and the census in the Isle of Man.
The Financial Supervisory Authority is the single supervisory authority for the financial sector in Iceland. Companies regulated by the authority are commercial banks, savings banks, insurance companies, insurance brokers, credit institutions, securities firms, securities brokers, mutual funds and pension funds management companies and other entities authorized to receive deposits. The current CEO is Ms. Unnur Gunnarsdóttir, who succeeded the controversial Gunnar T. Andersen in March 2012. Deputy CEO Ragnar Haflidason succeeded Jónas Fr Jónsson in October 2008 and Gunnar T Andersen took over as CEO in April 2009. The first CEO was Pall Gunnar Palsson, who directed from 1999 to 2005.
The Swiss Financial Market Supervisory Authority is the Swiss government body responsible for financial regulation. This includes the supervision of banks, insurance companies, stock exchanges and securities dealers, as well as other financial intermediaries in Switzerland. FINMA's name and acronym are usually expressed in English so as to avoid the semblance of favouring any one of Switzerland's linguistic regions.
The Financial Services Board (FSB) was the government of South Africa's financial regulatory agency responsible for the non-banking financial services industry in South Africa from 1990 to 2018. On 1 April 2018, its responsibilities were split into two new agencies the Financial Sector Conduct Authority (FSCA) for conduct regulation and the Prudential Authority (PA) for prudential regulation.
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financial firms providing services to consumers and maintains the integrity of the financial markets in the United Kingdom.
The European Securities and Markets Authority (ESMA) is an agency of the European Union located in Paris.
The Financial Services and Markets Authority (FSMA) is the financial regulatory agency in Belgium.
The Financial Services Commission (FSC) is a regulatory authority responsible for the regulation, supervision and inspection of all financial services other than banking institutions and global business in Mauritius. The FSC operates under the aegis of the Ministry of Finance and Economic Development within an internationally recognised legal framework which includes the FSC Act, the Securities Act and the Insurance Act, it licenses, regulates, monitors and supervises the conduct of business activities in the non-banking financial services sector.
The Financial Service Unit of the Commonwealth of Dominica or (FSU) is the main financial regulatory authority in the Island of Dominica, it is one of the most stringent financial authorities in the Caribbean and is a major participant in the offshore regulatory framework. Dependent on the Ministry of Finance the Financial Service Unit regulates all Offshore Banks, Credit Unions, Insurance Companies, Money Service Businesses, Gaming Companies and Other Financial Entities.
Alfred Louis Cannan MHK is a Manx politician and independent Member of the House of Keys for Ayre & Michael. He has served as the Chief Minister of the Isle of Man since the 12th of October 2021. He was previously the Minister for the Treasury.
Financial regulation in India is governed by a number of regulatory bodies. Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.