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The Manx Insurance Association (MIA) represents all authorised
life assurance companies on the Island.
The Isle of Man has been extremely successful in attracting
many major international companies to establish life assurance
operations on the Island. Its life assurance industry is without
doubt the best developed of any offshore centre and is now one
of the major employers on the Island.
The success of this industry was acknowledged in 1992 when
one of the MIA's members became the first life assurance company
in the British Isles to be awarded a Queen's Award for Export
Achievement.
All companies share a common objective of providing appropriate
financial planning solutions whether it be straightforward investment
on a regular saving or lump sum basis, saving for retirement,
life assurance protection or a tailor-made personalised investment
portfolio.
Originally marketing largely to the retired or working British
expatriate, MIA member companies now deal with expatriates of
other countries and local nationals around the world. Generally
clients are high net worth individuals or high earners who are
attracted to offshore life assurance based investments for the
following reasons:
· Tax efficiency, as investments accumulate in the Isle of
Man virtually tax-free. In addition, in many areas of the world
the proceeds and benefits of plans which are technically structured
as life assurance policies benefit from advantageous tax treatment.
· Security and confidentiality offered by the Isle of Man location.
The MIA was instrumental in establishing a voluntary Policyholders
Protection Scheme on the Island before the introduction of formal
legislation.
The Life Assurance Act (Compensation of Policyholders) 1991
replaced the voluntary scheme and provides investors with compensation
should any Isle of Man life assurance company be unable to meet
its liabilities, giving further confidence and security to clients.
Member companies are regulated by the Insurance and Pensions
Authority (IPA) with the exception of Monarch Assurance PLC which
is licensed in the UK and is the holder of an Isle of Man permit.
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