Insurance

The Commission’s Director General, William Mason, was the guest speaker at today’s lunchtime event held by the Chamber of Commerce. Mr Mason explored the positive relationship that can exist between regulation and economic growth. He posited that the key issue is not whether growth and regulation can co-exist but rather what level and type of regulation is optimal for economic growth. He suggested...

3rd August 2018 Following the closing of The Insurance Regulation Omnibus Consultation Paper on 26 April 2018 and analysis of responses, the Commission is today issuing a feedback paper, as well as associated rules, amendment rules, and guidance applicable to insurers licensed under the Insurance Business (Bailiwick of Guernsey) Law, 2002. The feedback consultation response can be found here. The...

The Commission is today issuing Instruction Number 02/2018 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 01/2018 issued on 16 March 2018. Changes to Instruction No. 02/2018 include the removal of Iraq and Vanuatu and the addition of Pakistan. Further details in respect of these changes can be found within Part B of the Instructions. The Commission has also...

Introduction On 30 October 2015, the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together...

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The Commission has today issued a draft guidance note in respect of outsourcing for insurers licensed under the Insurance Business (Bailiwick of Guernsey) Law, 2002. The aim of the guidance note is to clarify the requirements for those licensees with regard to outsourcing. Interested parties are invited to provide comments on the proposed guidance, to be submitted in writing by no later than 18 th...

The Commission has today issued a consultation paper making proposals in respect of Regulations applicable to insurance managers and intermediaries licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002. The Approved Assets Regulation Consultation Paper proposes amendment to the Insurance Managers and Insurance Intermediaries (Approved Assets)...

The Commission is seeking to work with the global insurance industry to ensure that long-term green investments can be effectively taken on as assets to meet long-term life insurance liabilities. This initiative seeks to fulfil two aims: the first is to make it easier for insurance companies to access long-term investments that in turn will make it easier for insurance companies to offer...