Insurance

The Commission has today issued, in final form, the revised Handbook on Countering Financial Crime and Terrorist Financing. This follows the approval of the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) (Amendment) Ordinance, 2018 by the States of Guernsey during December 2018. The revisions to the rules and guidance in the Handbook, together with the revised legislation, bring the...

The Guernsey Financial Services Commission (“GFSC”) announced on 7 August 2018 its participation in the Global Financial Innovation Network (“GFIN”) ( link to news story) and today GFIN has published two documents: 1) A Press Release confirming the GFIN’s functions and the opening of a 1-month application window for Cross-Border testing 2) GFIN’s Terms of Reference for Membership and Governance...

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2019 All businesses, entities and individuals licensed by or registered with the Guernsey Financial Services Commission are reminded that the payment of annual fees to the Commission are due by 31 January 2019. Where applicable, a late payment penalty fee will be applied for payments received after the due date in accordance with Regulation 2 of...

The Commission has become aware that on the 20 December 2018, Qudos Insurance A/S ("Qudos") of Købmagergade 22, 1st floor, DK-1150 Copenhagen K, Denmark was declared bankrupt by the Maritme and Commerical Court in Copenhagen. Qudos is an insurance firm authorised and regulated by the Danish Financial Services Authority, and was classed as a recognised insurer by the Commission. Recognised insurer...

The Commission is today issuing Instruction Number 03/2018 for Financial Services Businesses and Prescribed Businesses, replacing and repealing Instruction No. 02/2018 issued on 3 August 2018. Changes to Instruction No. 03/2018 include the addition of The Bahamas, Botswana and Ghana. Further details in respect of the inclusion of these three jurisdictions can be found within Part B of the...

During late 2018, the Banking and Insurance Division undertook a thematic review on the annual returns of licensed insurers submitted through the online services portal. This involved engagement with licensed insurance managers, external audit firms, and a comprehensive assessment of annual returns.

The Commission is pleased to release a discussion paper on the development of green insurance in Guernsey. The paper considers how the Bailiwick might become a supportive jurisdiction for green insurance and welcomes feedback from third parties. The fundamental challenge of a warming planet is not going to go away and there will be a continuing demand for measures to mitigate climate change. In...

The Commission is pleased to announce the publication of the Code of Market Conduct (“the Code”) following the closing of the consultation period on 12 July 2018. The aim of the Code is to provide guidance on whether or not behaviour amounts to market abuse, in the opinion of the Commission. The Commission would like to express its gratitude to everyone who has provided valuable feedback on the...

The Guernsey Financial Services Commission (“The Commission”) recognises that cyber and information security is a high priority risk area for organisations of all sizes. The Commission considers that all financial services firms and prescribed businesses in the Bailiwick of Guernsey should have a structured approach to managing cyber and information security. Cyber and information security should...