The Insurance and Pensions Authority (Manx: Lught-reill Urryssaght as Penshynyn) or IPA was the statutory body responsible for the regulation and supervision of pensions and insurance businesses operated in or from the Isle of Man.
Its remit was to authorise and supervise those businesses carrying on these activities, either in or from the Island.
(Those brokers advising on or arranging "long term insurance", for example, life policies which offer investment benefits, were supervised by the island's other financial services regulator, the Financial Supervision Commission).
In addition the IPA administered 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.
The IPA's mission statement is as follows: The IPA exists to maintain and develop an effective regulatory framework for insurance and pension business which will:- Its objectives are: The primary legislation from which the IPA derived its powers included: In addition the IPA oversaw implementation of the Anti Money Laundering Standards, secondary legislation which sets out how businesses regulated by it must conduct themselves in order to prevent their being used by money launderers or for terrorist finance.