Policy Protection

Commitment and Responsibility

There can be no greater priority than the commitment and responsibility towards all our customers. The Isle of Man has a very well-established policy holder protection which is very similar to that of the UK. It’s main points are summarised below.

  • Firstly, the Insurance Act of 2008 says that the accounts of an Isle of Man insurance company’s long term business fund must be kept separately from its other accounts. It is also required to keep records such that the assets in its long term business fund and the liabilities of its long term business can be readily identified at any time.
  • Secondly, no Isle of Man insurance company carrying on a long term business can be wound up voluntarily, which means that upon a decision to wind up the business, the assets in the long term business fund are available only for meeting the liabilities to its business. According to legal advice taken from a Manx Advocate, this gives policyholders a preference where an Isle of Man insurance company is wound up.
  • Thirdly, the Isle of Man has statutory policyholder protection in the form of the Life Assurance (Compensation of Policyholders) Regulations 1991. All Isle of Man assurance companies are covered, it being a pre requisite of authorisation by the Isle of Man Insurance and Pensions Authority.

 

We have made it easier for you by producing a useful guide to Policyholder protection.

 

Canada Life International Limited is an authorised company and as such its policyholders will be protected by the Life Assurance (Compensation of Policyholders) Regulations 1991.

Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Canada Life International Limited and CLI Institutional Limited are Isle of Man registered companies authorised and regulated by the Isle of Man Financial Services Authority.

Canada Life International Assurance (Ireland) DAC is authorised and regulated by the Central Bank of Ireland.