Commencement of risk based solvency framework for Licensed Insurers
1st May 2015The Commission has today issued new rules regarding the solvency requirements for licensed insurers. This is in accordance with amendments made to the Insurance Business (Bailiwick of Guernsey) Law 2002 by Ordinance on 10 December 2014 and which were brought into effect by Regulations approved by Policy Council on 27 April 2015. The Insurance Business (Solvency) Rules are effective from 1 May 2015.
The relevant rules, guidance and other documents can be found here and on the Insurance section of the Commission’s website.
Documents and forms relating to the prior solvency regime will remain on the website for the time being so that insurers filing annual returns on that basis will still have access to them.