Insurance

GUERNSEY FINANCIAL SERVICES COMMISSION ANNUAL FEES 2017 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 2017. If payment is received after the due date a late payment penalty fee will be applied in accordance with Regulation 2 of the Financial...

The Guernsey Financial Services Commission has today issued feedback on comments received on its proposals to amend the framework underlying the Insurance Business (Bailiwick of Guernsey) Law 2002 (the “Law”) with the making of rules for Special Purpose Insurers and a related, minor amendment to the Insurance Business (Solvency) Rules 2015. The final version of the Insurance Business (Special...

The Commission is today issuing a consultation paper on revisions to the Code of Conduct for Authorised Insurance Representatives. The proposed Code clarifies the minimum standards expected to be met by an authorised insurance representative and takes into account current trading methodologies and rapidly changing and developing customer behaviours. Responses to the consultation which can be found...

The Commission is today issuing a consultation paper on proposed rules for Special Purpose Insurers. These rules will serve to codify the Commission’s existing practice in relation to Insurance Linked Securities and, in particular, entities conducting collateralised reinsurance. Responses to the consultation which can be found via this link are sought by Friday 11 November 2016.

The Commission wishes to remind all financial services and prescribed businesses, together with personal fiduciary licence holders, that the Financial Crime Risk Return is due for submission by 31 October 2016. The Return can be found through the Commission’s Online Submissions Portal, located here: https://submit.gfsc.gg/ Further information on the background to the Return, as well as guidance on...

United Nations Security Council Resolution 1518, as implemented in the Bailiwick by the Iraq (United Nations Sanctions) Channel Islands Order 2000, has been amended. The effect of the amendment, which is automatically effective in the Bailiwick, is to remove nineteen entities from the list of persons subject to financial restrictions under Resolution 1518. Further details about the amendment are...

​ISIL (DA’ESH) AND AL-QAIDA NETWORK This Notice is issued further to a previous Sanctions Notice issued in relation to the updating of information about an individual on the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267 (the listed person). Please be advised that a corresponding change has now been made to the list...

Iraq United Nations Security Council Resolution 1518, as implemented in the Bailiwick by the Iraq (United Nations Sanctions) Channel Islands Order 2000, has been amended. The effect of the amendment, which is automatically effective in the Bailiwick, is to remove one entity from the list of persons subject to financial restrictions under Resolution 1518. Further details about the amendment are...

Please be advised that the United Nations Security Council has amended the details in respect of fourteen individuals (“the listed persons”) on the list of persons maintained under United Nations Security Council Resolution 1988. All persons on the list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: https://www.un.org/press/en...