Insurance

This Notice is issued further to a recent Sanctions Notices issued in relation to the addition of eleven individuals and one entity to the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267 ( the listed persons). Please be advised that corresponding changes have now been made to the list maintained by the European Union under...

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: Belarus; ISIL (Da’esh) and Al-Qaida Network; and Terrorism and Terrorist Financing. BELARUS Council Regulation (EC) No 765/2006, as implemented in the Bailiwick by the Belarus (Freezing of Funds) (Guernsey)...

The Commission has published regulatory guidance impressing on firms their need to take their responsibilities in respect of cyber security seriously and reminding them of their obligation to report serious or significant incidents to the Commission. The guidance can be found under the Legislation & Guidance sections of the website: Guidance Note on Cyber Security.pdf .

The Commission has published a report on its thematic review of the sale of general insurance add-on policies by insurance brokers in Guernsey. The Report can be downloaded here. General insurance add-on products are insurance policies commonly sold in conjunction with another insurance policy such as a private motor policy, household policy or marine policy. The most frequently sold add-on...

Please be advised that the United Nations Security Council has amended the details in respect of five individuals (“the listed persons”) on the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the list are subject to restrictive measures which include targeted financial sanctions. Further details are...

The Commission has today reissued the Code of Corporate Governance (“the Code”) to include an appendix containing principles applicable to Licensed Insurers which come into effect for financial years beginning on or after 1 April 2016. The introduction to the Code contains some minor updates necessary to insert the new appendix but the Code, guidance and the existing appendices 1 and 2 remain...

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: Zimbabwe; and Terrorism and Terrorist Financing. ZIMBABWE Council Regulation (EC) No 314/2004 has been amended by Council Regulation (EU) No 2016/214 and by Council Implementing Regulation (EU) No 2016/218. The EC...

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: Terrorism and Terrorist Financing; and ISIL (Da’esh) and Al-Qaida Network. TERRORISM AND TERRORIST FINANCING HM Treasury has renewed the final designation of one individual under the Terrorist Asset-Freezing etc...

The Commission has today published a short guide which explains what risk based supervision is and what it means for licensees. Please click here. At its core, risk based supervision accepts the premise that resources are finite, that there is no unlimited pool of public or industry funding on which to draw and that every regulator has to make choices about what it will do and what it will not do...