Insurance Regulation Omnibus Consultation Paper
17th April 2018The Commission has today issued a consultation paper making proposals in respect of the Rules and Guidance applicable to insurers licensed under the Insurance Business (Bailiwick of Guernsey) Law, 2002.
The Insurance Regulation Omnibus Consultation Paper makes proposals on Public Disclosure, Guidance on Reinsurance and Risk Transfer, Conduct of Business Rules for Insurers, Own Risk and Solvency Assessment, Frequency of Regulatory Reporting, Guidance on the Qualifying Criteria for Insurance Category 6 (Special Purpose Entities) and Majority Shareholder Controller Notification. The aims of the proposed amendments are to provide internationally comparable levels of protection to retail customers of insurance products; enhance the effectiveness, clarity and transparency of the regulatory requirements; and meet international standards.
Interested parties are invited to provide written responses to the Commission before the consultation deadline of 29 May 2018.
Representatives of licensed insurers and insurance managers are invited to attend a briefing session at the offices of the Commission at 11am on Thursday 26 April . This session will include briefing on the background to the consultation and the proposals made in the Consultation Paper, and provide a forum for preliminary comments from industry. Those interested in attending are asked to provide confirmation to Lynn Harris ([email protected]).