Isle of Man Location

Given the recent turmoil in financial institutions and markets around the world, we fully understand the importance you place on protecting investments. That’s why we are located in the Isle of Man. With an Aa2 sovereign rating from Moody’s, winning the prestigious Best International Finance Centre award at the 2015 International Fund and Product Awards, coveted OECD white list status and recognised by the IMF as a well-regulated off shore finance centre of excellence, the Isle of Man now leads the world for offshore life insurance. 

The Isle of Man is not part of the UK but a self-governing dependent territory of the British Crown. The island is therefore able to determine its own levels of taxation independently from the UK. For example, there is no capital gains tax in the Isle of Man, which means that investments can enjoy tax-free growth whilst they are held offshore in the Isle of Man.

Investor protection

Our policyholders are protected by a range of statutory measures that aim to first prevent problems occurring and then ultimately safeguard their investment in the unlikely event that we are unable to meet our liabilities.

Segregation of assets

Under the Insurance Act 2008, all companies in the Isle of Man are required to ring-fence 100% of policyholder assets. This ensures these assets cannot be called upon in any circumstances except to meet the claims and liabilities of policyholders. So in the unlikely event of RL360 being wound up, our liabilities to our policyholders would take priority and clients’ assets are therefore not available to liquidators if the life company fails. 

Strict solvency margin requirements Under the Act, we are also required to provide independently audited annual solvency reports to our regulator to ensure the company is financially stable.

Compensation schemes for policyholders

The Isle of Man operates a policyholder protection scheme which means that, in the event of a life insurance company being unable to meet its liabilities, and subject to the regulations, the scheme manager shall pay to the policyholder out of the Policyholders’ Compensation Fund a sum up to 90% of the amount of any liability of the insurer under the contract, subject to the terms of the scheme. 

The compensation scheme is funded by a levy on all life insurance companies operating on the Island, and unlike many protection schemes, this applies to all policyholders regardless of where they reside. 

In case of dispute, the Island has an Ombudsman Scheme which is a free, independent dispute resolution service for customers with a complaint which an Isle of Man financial firm has been unable to resolve.