Articles from 2018

The Commission has published a survey and is looking for members of the public to contribute their personal experiences in purchasing insurance products and when making claims on their insurance policies. The survey is available on the Commission’s website - 2018 General Insurance Survey It is anticipated that responses to the survey will identify common trends, which will be explored by the...

The Commission has today issued a Guidance Note for Licensed Insurers on Outsourcing. The aim of the guidance is to clarify the expectations of the Commission with respect to the outsourcing of material activities by licensees under the Insurance Business (Bailiwick of Guernsey) Law, 2002.

Following the closing of the consultation on potential amendments to The Insurance Managers and Insurance Intermediaries (Approved Assets) Regulations, 2002 and analysis of responses, the Commission is today issuing a feedback paper and amending regulations. The amending regulations, referred to as The Insurance Managers and Insurance Intermediaries (Approved Assets) (Amendment) Regulations, 2018...

The Guernsey Green Fund Rules The Commission is pleased to announce the publication of the Guernsey Green Fund Rules following the closing of the consultation on 1 June 2018. The Rules create a new description of a scheme known as a Guernsey Green Fund that has the objective of seeking a return for investors whilst mitigating environmental damage. The rationale for developing the Green Fund Rules...

The Investment Supervision and Policy Division has concluded its consultation and has now issued the Prospectus Rules 2018 ( here) and the Registered Collective Investment Scheme Rules 2018. ( here) Both Rules will be effective from 6 October 2018. Implementation may be achieved through the earlier of: a fund initiating an annual review at an appropriate time to identify the changes required to...

Council Regulation (EU) No 2017/2063, as implemented in the Bailiwick by the Venezuela (Restrictive Measures) (Guernsey) Ordinance, 2017, has been amended by Council Implementing Regulation (EU) No 2018/899. The effect of the amendments, which are automatically and immediately effective in Guernsey, is to add eleven persons to the list of persons subject to an asset freeze and other financial...

Council Regulation (EU) No 2013/401, as implemented in the Bailiwick by the Myanmar/Burma (Restrictive Measures) (Guernsey) Ordinance, 2013, the Myanmar/Burma (Restrictive Measures) (Alderney) Ordinance, 2013, and the Myanmar/Burma (Restrictive Measures) (Sark) Ordinance, 2017, has been amended by Council Implementing Regulation 2018/898. The effect of the amendments, which are automatically and...

This Notice is issued further to the previous Sanctions Notice issued in relation to the addition of two entries on the list of individuals and entities associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that corresponding changes have now been made to the list maintained by the European Union under Council Regulation (EC)...

Last Friday, the Commission hosted a one-day event which challenged participating teams to develop digital solutions for one or more of the three pre-set challenges showing how technology could be used to: 1. Optimise efficient and effective client due diligence (and hence reduce costs for Bailiwick businesses). 2. Improve administration. 3. Help the financially excluded. The event was a...