FAQs

Details of how to apply for a licence to write insurance business are found in the New Applicants and the Insurance Application pages of our website.

Details of how to apply for a licence to conduct business as an insurance manager or insurance intermediary are found in the New Applicants and the Insurance Application pages of our website.​

The Commission is the regulatory body for the financial services sector in the Bailiwick of Guernsey and is therefore not in a position to recommend the services of a particular licensee.  Please refer to the Regulated Entities page of this website for a list of insurance managers and insurance intermediaries licensed to conduct business in or from within the Bailiwick of Guernsey.

Please refer to the Minimum Capital Requirement for Licensed Insurance Managers and Licensed Insurance Intermediaries for guidance.​

The Commission has a policy of encouraging innovation through initiatives such as our Innovation Soundbox, which offers a supportive environment where existing or future licencees can come and discuss ideas, innovations or future applications with our authorisations or supervisory experts. 

Globally, one specific area of innovation within financial services has been the increasing use of virtual, or crypto, currencies including in the development of Initial Coin Offerings (“ICO”), where an individual receives a token or coin in exchange for an investment into a company or alternative vehicle.

Whilst the Commission has already worked with firms using the underlying technology of these currencies, i.e. Blockchain, in common with other regulators around the world, the Commission believes there are significant risks in the use of virtual or crypto currencies especially for retail customers. Nevertheless, we understand that professional investors with a high risk appetite may wish to invest in this developing sector. 

Virtual or crypto currencies could interact with our regulatory laws in a number of ways and therefore any application would need to be assessed on its individual merits. We will assess any application by the same criteria we use for other asset types or structures, which means we would look to ensure that key controls are appropriate - for example around custody, liquidity, valuation of assets and investor information.

Our current Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing already permits the use of technology for customer due diligence and we would expect any applicant to demonstrate to us how it plans to comply within the Bailiwick’s current laws and rules, especially when establishing the identity of investors and beneficial owners.

Due to the significant risk of fraud and/or money laundering, we would be cautious about approving applications for ICOs which could then be traded on a secondary market.  We would also be cautious about the establishment of a digital currency exchange within the Bailiwick.

We continue to encourage firms or individuals to use our Innovation Soundbox to discuss potential applications and to meet with our Authorisations team at an early stage so we can help them understand what our key questions are likely to be when they make a formal application.

Incorporation of a PCC or an ICC in the Bailiwick requires written consent from the Commission, pursuant to Sections 438 and 469 of The Companies (Guernsey) Law 2008, respectively. This is also the case when the PCC or ICC is not going to be carrying out regulated financial activities.

When considering whether it is appropriate for a PCC or an ICC to be incorporated, the Commission must have regard to protection of the public interest. This includes the need to:

• Protect the public, in Guernsey and elsewhere, against the effects of dishonesty, incompetence, and malpractice
• Counter financial crime and the financing of terrorism in Guernsey and elsewhere, and
• Protect and enhance the reputation of the Bailiwick as a financial centre.

A written request for consent to incorporate should be sent to [email protected]. The submission must include details of all the directors and beneficial owners of the proposed PCC/ICC, together with a high-level business plan for the structure. The latter should include details of all related entities and service providers.

An application fee must accompany any request for consent to incorporate when the PCC/ICC will not be directly regulated by the Commission.