Thomas Miller Captive Management has launched the Isle of Man’s first insurance special purpose vehicle authorisation (ISPV), the first authorisation of its kind in the Isle of Man.
The application was approved by the Isle of Man Financial Services Authority (IOMFSA).
Given the limited recourse nature of the ISPV proposition, and the need for sophisticated buyers, ISPV’s offer a quick to market insurance solution, says Thomas Miller.
It will offer a reduced capital and regulatory burden over the more traditional insurance structures, it adds.
Ross Dennett, chairman of Thomas Miller, comments: “As the first application for an insurance special purpose vehicle authorisation in the Isle of Man, this was always going to be a complex matter that required expert navigation through a range of novel legal issues.
“I am delighted with the responsiveness and approach taken by the IOMFSA on this matter, who have been pragmatic and approachable throughout the process.”
Alan Rowe, senior manager at the IOMFSA, says: “The speed of turnaround reflects the applicant’s lead-up preparation, supported by legal advice and the quality of the completed application.”
