Insurance

Following the recent publication of two consultation papers in relation to PII requirements for Investment, Fiduciary and Insurance sectors , when interested parties were offered an opportunity to provide fatal flaws comments on the amendments of the Fiduciary Rules, the Capital Adequacy Rules, the Insurance Managers Rules and the Insurance Intermediaries Rules, feedback was received from three...

The Commission has today published a Consultation Paper setting out the Commission’s Rules and approach for regulating the sectors covered by The Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022, and is seeking feedback on its proposed Rules and approach. The purpose of the new Law, which was passed by the States of Guernsey on 14 July 2022, is to protect customers in the Bailiwick...

The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms. The consultation period will close on Wednesday 14 September. The consultation paper is available on the Commission’s Consultation Hub. The Commission is consulting on an overall increase in fees of 9%. Other specific proposals to change fees are outlined in the consultation paper and...

Feedback and Final Consultation on Professional Indemnity Insurance for Fiduciary, Investment, Insurance Intermediary and Insurance Manager Sectors The Commission has issued today two feedback statements on the previous Consultation Papers (“CPs”) on Professional Indemnity Insurance (“PII”), one in relation to the Fiduciary and Investment sectors and the other relevant to the Insurance...

The Commission has today published a Consultation Paper proposing the introduction of a Natural Capital Fund regime. It is also, through a separate Consultation Paper, bringing forward proposals to counter the risk of greenwashing. Both Consultation Papers can be found here. Creating an Ecosystem for Natural Capital Investment The first Consultation Paper proposes the creation of a Natural Capital...

The Commission is monitoring the situation and has been, through its 2021 thematic work on sanctions screening and other interactions, encouraging firms to prioritise their sanctions monitoring and assessment of sanctions risks. The Commission requests that all firms check whether they maintain any accounts or otherwise have any kind of relationship with the persons referred to in sanctions...

The Commission has today issued its report on the thematic review of reinsurance and other forms of risk transfer by licensed insurers. The review was undertaken during the latter part of 2021. A copy of the thematic review can be found by clicking here . Broadly, the thematic review uncovered a number of areas of good practice, for example where some firms have high quality reinsurance contracts...

On Wednesday 26 January, the Commission reported that it had become aware of a website that had been established cloning the Commission’s own website. Since becoming aware of the matter, the Commission submitted abuse notifications to the domain registrar and the hosting provider as well as reporting the URL as malicious to the appropriate authorities. The cloned website’s domain has been taken...