News

Insurance

IMF Publishes Positive Reports on Guernsey

14th January 2011
​ The IMF has today published six reports arising from its evaluations in March and May 2010 of the Bailiwick’s financial supervision and criminal justice frameworks. The reports commend Guernsey as having financial sector regulation and supervision of a high standard across all sectors, and a legal framework which provides a sound basis for an effective AML/CFT regime, with preventive measures...

Equitable Life Assurance Society - Update December 2010

17th December 2010
​ The Independent Commission on Equitable Life Payments (“ICELP”) The ICELP has been set up by the Government to recommend how best to fairly allocate funds provided for the Equitable Life Payments Scheme as part of the Autumn 2010 Spending Review to those persons found to have suffered relative losses as a result of accepted Government maladministration and advise on any groups or classes of...

Instruction (Number 11) for Financial Services Businesses and Instruction (Number 9) for Prescribed Businesses

6th December 2010
On 6 December the Commission issued: Instruction (Number 11) for Financial Services Businesses and Instruction (Number 9) for Prescribed Businesses. For repealed Instructions and Business from Sensitive Sources Notices, see the Business from Sensitive Sources & Instructions page of this website.

New Sanction Measures against Iran

26th November 2010
​The States of Guernsey has adopted new sanction measures against Iran. The new sanctions introduce additional categories or persons as being subject to asset freezing provisions. Financial services businesses and prescribed businesses will need to familiarise themselves with the new sanctions and check their records to ensure compliance. Further information on the sanctions and any notifications...

The Retirement Annuity Trust Schemes Rules, 2010

9th November 2010
These Rules were the subject of a presentation by the Commission to the finance sector on 20 October 2010. They will come into force on 1 January 2011 and are available here. The Rules originated in a consultation exercise concluding in late 2009 on regulatory requirements applicable to insurance intermediaries, investment businesses and fiduciaries who provide services in relation to Retirement...

Equitable Life Assurance Society Update - October 2010

12th October 2010
​The Independent Commission on Equitable Life Payments (“ICELP”) The ICELP has been set up by the Government to recommend how best to fairly allocate funds provided for the Equitable Life Payments Scheme as part of the Autumn 2010 Spending Review to those persons found to have suffered relative losses as a result of accepted Government maladministration and advise on any groups or classes of...

The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2010 (“The Regulations”)

20th September 2010
​As notified in a news item on 1 September 2010, the Regulations came into force on that date. Financial penalties payable under the Regulations accrue automatically. It is the responsibility of each regulated person to ensure that they have complied with their applicable filing responsibilities. Regulated persons who submit filings after the prescribed date are responsible for ensuring that...

Revocation of Licence – Sartor Resources Limited

15th August 2010
The Commission has revoked the licence held by Sartor Resources Limited as an insurance manager with effect from 9 July 2010 in accordance with Section 9 of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended.