Amendments to The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002 and Associated Rules, Regulations and Codes
3rd March 2008Further to Michael Graham’s letter dated 3 March 2008, please find attached the following draft Rules, Regulations and Codes:
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The Insurance Managers and Insurance Intermediaries (Approved Assets) Regulations, 2008
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The Insurance Managers and Insurance Intermediaries (Client Monies) Regulations, 2008
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The Insurance Managers and Insurance Intermediaries (Annual Return) Regulations, 2008
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The Insurance Managers and Insurance Intermediaries Conduct of Business Rules, 2008
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Minimum Capital Requirement of Licensees
It should be noted that these draft Rules Regulations and Codes have not yet been signed by the Policy Council and are therefore not currently in force. The Commission anticipates that these documents will come into force on 12 March 2008. The reason for issuing the draft Rules, Regulations and Codes at this stage is to provide all current and potential licensees with an opportunity to put appropriate policies, procedures and controls in place before these requirements take effect.
Licensees are advised to revisit the Commission’s web site after the 12 March 2008 to obtain final copies of the legislation referred to in this article.