Remit
Its remit is to authorise and supervise those businesses carrying on these activities, either in or from the Island. It also oversees general insurance brokers (those brokers advising on or arranging "long term insurance" - for example, life policies which offer investment benefits - are supervised by the island's other financial services regulator, the Financial Supervision Commission).
In addition the IPA administers the Isle of Man's compensation scheme, which is intended to provide protection for policyholders if a life assurance company should be unable to meet its liabilities.
Read more about this topic: Insurance And Pensions Authority (Isle Of Man)