Are life cos ready for looming IoM Conduct of Business Code?
By Tom Carnegie, 8 Mar 18
It is now less than a year until the Isle of Man Conduct of Business Code comes into force, International Adviser spoke to several firms headquartered on the island to see how they are preparing for the introduction of the regulation.
Peter Huber, chief executive of Zurich International, said the firm has been working closely with both the Manx Insurance Association (MIA) and the Isle of Man Financial Services Authority (FSA) to consult on the proposed regulations.
Overall, Huber said he has a positive view of the code and confirmed that Zurich International has a comprehensive plan in place, so it can meet the regulatory obligations when the code is passed into force on 1 January 2019.
He added that, “it is however important to consider that the proposed regulations don’t materially put Isle of Man life companies at a competitive disadvantage in overseas markets against domestic competitors.”
“We are a very conservative company with a very strong brand reputation worldwide. The Zurich Group are a double A rated company, so we do not take these things lightly, I have no doubt we will meet the requirements,” Huber said.
When it comes to whether or not the Isle of Man is still the global hub for the financial services industry, Huber said Zurich International’s investment in the island shows they firmly believe it is.
“We have been there for 35 years and we have invested significantly in the island as we have just built a brand-new office building for 300 plus employees. I think that makes quite a strong statement of our position,” Huber said.
Tags: Canada Life | Conduct of Business Code | Old Mutual | Rl360 | Zurich
Maria Madrid says:
About time too!
The Isle of Man.has long been associated with financial shenanigans both on and off the island.
Perhaps they are cleaning up their act.
But don’t hold your breath!
[email protected] says:
The game is up, they only have one product outside of specialist contracts and that is TERM assurance, nothing else offers any value what so ever.