T&C Guidelines

The Educational Sub-Committee of the Manx Insurance Association (MIA) has over the past 12 months been developing Training and Competency guidelines for the life industry on the Isle of Man. The Sub-Committee was set up to review proposed new regulations in the UK in respect of the training of back office supervisory staff and a statement issued by the Financial Services Commission regarding education and training.

The majority of MIA Members have now agreed to adopt the guidelines and a 'toolkit' has been produced to ensure a consistency of approach across the industry. The guidelines however allow individual companies the flexibility to tailor the requirements in line with internal procedures and practices.

Sub-Committee Chairperson, Sue Gee, stated that the guidelines build a framework for training and competency that we believe not only meets regulatory expectations but also establishes consistent standards which will enhance the professionalism of the Island's life industry.

They provide both a structured training programme for new entrants and a more formalised approach for career progression for employees within the industry. The guidelines state that a professional qualification should be attained and this will also enhance the competency of our staff.

MIA Chairman, Lee Tyrer, commented that much work and research has been completed prior to this sign-off to ensure that the 'toolkit' is effective and relevant for the industry.

Mr Tyrer commented: 'We believe this initiative is extremely positive for the Isle of Man financial sector and will result in the Island's insurance industry being viewed as one of the most professional in the markets in which our products are sold.'

Sue Gee stated that now this major project has been completed the Educational Sub-Committee will be looking at other areas such as an examination covering IOM issues to ensure that continual development of staff is a main stay within the industry.