Insurance

The Commission has today issued its report on the thematic review of reinsurance and other forms of risk transfer by licensed insurers. The review was undertaken during the latter part of 2021. A copy of the thematic review can be found by clicking here . Broadly, the thematic review uncovered a number of areas of good practice, for example where some firms have high quality reinsurance contracts...

On Wednesday 26 January, the Commission reported that it had become aware of a website that had been established cloning the Commission’s own website. Since becoming aware of the matter, the Commission submitted abuse notifications to the domain registrar and the hosting provider as well as reporting the URL as malicious to the appropriate authorities. The cloned website’s domain has been taken...

The Guernsey Financial Services Commission has become aware that a website has been established cloning the Commission’s own website (The GFSREA – Guernsey Financial Services and Regulatory Enforcement Authority – www.gfsrea.org). The Commission’s website domain is www.gfsc.gg The Guernsey Financial Services and Regulatory Enforcement Authority’s website appears to closely resemble the Commission...

Further to our news article dated 1 December (click here), the Commission wishes to advise that it will not accept Surrenders and Suspensions from licensees and registrants on Christmas Eve or New Year's Eve without prior arrangement.

The Guernsey Financial Services Commission has issued today two consultation papers on professional indemnity insurance (“PII”), one addressing the Fiduciary and Investment sectors and the other relevant for Insurance Managers and Insurance Intermediaries. Following a process of data collection, engagement with industry participants and policy review, a number of proposals are made to amend the...

Ahead of distributing 2022 annual fees, licensees and registrants who wish to surrender or suspend their licence (or one that they administer) must notify the Commission in good time ahead of the New Year. If the Commission does not give consent to a surrender or a suspension based on the notification requirements set out in the regulations, then licensees or registrants may be liable to pay their...

The Commission plans to increase licence fees paid by firms from 1 January 2022 by 7.6% with the agreement of the Policy & Resources Committee. On 16 July 2021, the Commission published a consultation paper on its 2022 fees containing four main proposals:- an overall fee increase of 10.1% for all sectors; a restructuring of fees for the investment sector; changes arising from the update to most of...

Following on from last year, the Commission will be distributing 2022 annual fee invoices using the generic email address that we hold on record for each licensee and registrant. If you wish to check which email address the Commission holds for your firm, please contact '[email protected]', quoting the entity name and GFSC reference number, which can be found on our website ( Regulated Entities...