Insurance

The Commission has withdrawn the requirement for AIRs who provide advice on long term insurance business to attain the Guernsey Insurance Certificate ("GIC"). This decision has immediate effect. The GIC was a mandatory qualification required to be attained by all AIRs who advise on long term insurance business, both in respect of the provision of advice on permanent health, credit life assurance...

​Guernsey’s financial services regulator has published a consultation paper following a decision made by the States of Guernsey in January of this year to increase the discretionary financial penalties which the Commission is able to apply in cases where there have been serious regulatory shortcomings (Billet d’Etat V of 2016 https://www.gov.gg/CHttpHandler.ashx?id=99971&p=0). The legislation...

ISIL (DA’ESH) AND AL-QAIDA NETWORK This Notice is issued further to the addition of five natural persons to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that corresponding changes have now been made to the list maintained by the European Union under Council Regulation (EC) No 881/2002 by...

​The Commission has recently become aware that a number of firms using our Online Services are using software that is no longer supported by the manufacturer and is therefore classed as end-of-life. Software manufacturers do not ordinarily provide security updates (commonly known as patches) for software that is unsupported. As noted in the Commission’s guidance on cyber security (published on 2nd...

Guernsey’s financial services regulator has published a guidance note on its general approach to the enforcement process which it administers. This brings together the extensive public guidance which is already available on the Commission’s website. The paper has been published in response to a decision made by the States of Guernsey in January of this year requiring the Commission to publish such...

Please be advised that there have been a number of developments in relation to the Bailiwick's sanctions regime which are set out below. These developments concern sanctions relating to Central African Republic, North Korea and Iran. Central African Republic Council Regulation (EU) 224/2014, as implemented by the Central African Republic (Restrictive Measures) (Guernsey) Ordinance, 2014, the...

Please be advised that there have been a number of developments in relation to the Bailiwick's sanctions regime which are set out below. These developments concern sanctions relating to Libya and ISIL (Da’esh) and the Al-Qaida Network. LIBYA Council Regulation (EU) No 2016/44, as implemented by the Libya (Restrictive Measures) (Guernsey) Ordinance, 2016, has been amended by Council Implementing...

Please be advised that there have been a number of developments in relation to the Bailiwick's sanctions regime which are set out below. These developments concern sanctions relating to the Russian Federation, together with ISIL (Da’esh) and the Al-Qaida Network. RUSSIAN FEDERATION EU officials have issued a warning to EU banks about the first issuance of sovereign bonds by the Russian Federation...

​Please be advised that there have been a number of developments in relation to the Bailiwick's sanctions regime which are set out below. These developments concern sanctions relating to ISIL (Da’esh) and Al-Qaida Network, Ukraine and Central African Republic. ISIL (DA’ESH) AND AL-QAIDA NETWORK Amendments have been made to the Al-Qaida sanctions regime under Council Regulation (EC) No 881/2002 by...