Isle of Man: DQ Sponsors Insurance Institute Conference
Last Updated: 26 November 2015

Leading offshore law firm DQ Advocates ("DQ") is proud to have been the sponsor of the recent regulatory update conference (11 November 2015) organised by the Chartered Insurance Institute of the Isle of Man. The conference was attended by 130 delegates from the Island's general, life and captive insurance companies and was also supported by several representatives of the new Isle of Man Financial Services Authority (the "IOMFSA").

The conference was opened by the Hon Minister for Treasury, Mr Eddie Teare MHK who reminded delegates of the significant contribution that David Vick (the recently retired Chief Executive of the Isle of Man Insurance & Pensions Authority) had made to the development and pragmatic implementation of insurance regulation on the Island. DQ echoes Minister Teare's endorsement of Mr Vick and the immense contribution he made to the success of the Island's insurance sector.

Minister Teare welcomed the new Chief Executive of the IOMFSA, Karen Badgerow, who spoke with clarity about the importance of stakeholder engagement and who also used such important phrases as balance and proportionality & transparency and openness when describing her regulatory approach.

In addition to speakers from the IOMFSA, DQ's Head of Regulatory & Compliance Services, Sinead O'Connor, addressed delegates on international developments in anti-money laundering and counter-financing of terrorism. Sinead reminded the audience of how wide the financial crime spectrum is now and discussed a wide range of international issues including the potential impact of US and EU developments on the standards to which Isle of Man businesses have to adhere. Sinead drew particular attention to the recent Financial Action Task Force commentary on de-risking and the guidance that had been issued for regulators on the supervision of a risk based approach.

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