Manx life insurance companies face stiffer fees

Wed, 03 Jan 2007

Life insurance firms operating from the Isle of Man are set to be charged larger annual fees by the Insurance and Pensions Authority. The fee increase is being levied due to inflation, according to the IPA.

Life insurance companies have been charged 12,500 pounds per annum, yet the new recommendations will increase this to 14,000. Annual fees, which have not been increased for a four-year period, are also increasing for non-life insurance businesses .

The finance and development manager at the IPA, Martin Elliott, said: "It’s really just to bring the fees in line with inflation. I wouldn't expect it to cause any trouble. We will put a final document together after the consultation period ends on January 19 and any changes will be implemented in April."
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