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Insurance

Consultation on changes to AML/CFT legislation

14th December 2009
​The Commission has written to the managing directors of all Financial Services Businesses today, seeking comments on the proposed changes to Schedule 1 to the Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 ("the 1999 Law"), proposed changes to Schedule 1 to the Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 ("the 2008 Law")...

EU Solvency II Equivalence

23rd September 2009
Currently when Guernsey insurers, including captives, accept reinsurance from EU domiciled insurers, the EU insurer is normally able to take account of the ceded reinsurance in determining its own solvency capital requirements. Under the EU Solvency II Directive, which will come into force in the third quarter of 2012, EU insurers will only be able to take full account of reinsurance ceded to...

Revocation of Licence - Canivet Webber Financial Services Limited

27th August 2009
Following the Guernsey Court of Appeal decision handed down on 19 May 2009, the Commission has revoked the licence held by Canivet Webber Financial Services Limited as an insurance intermediary with effect from 19 May 2009 in accordance with section 9 of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended.

The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009 and the Associated Handbook

11th June 2009
​The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2007 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The amendment regulations...

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