Insurance and Pensions Authority
Our statutory responsibility as the Insurance and Pensions Authority (IPA) is to regulate the Isle of Man insurance industry. The IPA is involved in the consideration of proposals for captive insurance and works actively with members of this sector. We are often used as a sounding board for new ideas and proposals.
We believe it is a logical step for the Isle of Man Space Industry to cross-fertilise with our already globally recognised shipping and aerospace industries particularly since the Isle of Man's Captive Industry is used to dealing with High Value/Low Incidence risk.
As with all high tech insurance solutions, ours is an important ancillary element of the Island's overall Space Industry proposition.
The way we work balances those needs and we have always enjoyed an interactive relationship with the Industry while at the same time ensuring clients are dealing with properly resourced and regulated companies with which to develop their own business aspirations.
We try to understand what is needed by the Industry when advancing legislation and, more likely, rather than stopping what people do we will try and provide a way of achieving their objectives. It is this flexibility that contributes to the 'can-do' attitude of the Isle of Man.
Space is an exciting and developing opportunity for the Isle of Man and this, coupled with the Island's proven abilities as an innovative jurisdiction, offers a positive future for our Island-based Space Industry.