Insurance

PRESS RELEASE​ A licence has been issued to Lloyd’s that enables Lloyd’s underwriters to carry on insurance business in Guernsey. The licence permits general insurance business (including domestic business) to be written in or from within the Bailiwick. Any Lloyd’s underwriter wishing to establish a physical presence in Guernsey should contact the Commission for further details of the regulatory...

On 24 November the States of Guernsey Policy Council signed the following amendment regulations which come into force on 1 December 2008: The Criminal Justice (Proceeds of Crime) (Bailiwick of Guernsey) Law, 1999 (Amendment of Schedules 1 and 2) Regulations, 2008 The Registration of Non-Regulated Financial Services Business (Bailiwick of Guernsey) Law, 2008 (Schedule 1 Amendment) Regulations, 2008...

PRESS RELEASE The Commission is pleased to announce that it has been working closely with Lloyd’s to identify an appropriate structure which will facilitate the growth of Lloyd’s business in Guernsey. To this end, new regulations were approved by the States of Guernsey on 3 November and signed by the Commission’s Chairman on 7 November. The new framework will allow Lloyd’s syndicates to establish...

​ Equitable Life Update October 2008 (PDF)

On 8 September the Policy Council signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2008. The main changes to the December 2007 regulations for financial services businesses created by the amendment regulations include: 1. The introduction of a requirement for regulated financial services businesses to register with the...

PRESS RELEASE​ The Commission welcomes the fact that the report of the Parliamentary and Health Services Ombudsman (“the Report”) was presented to the UK Parliament on 16 July 2008. The Report is the largest of its kind ever produced by the Ombudsman and presents an extremely detailed assessment of certain complaints made concerning the prudential supervision of Equitable Life. The Commission will...

​ In light of recent developments, the Commission has issued a sixth Business from Sensitive Sources Notice which is available here. This sixth Business from Sensitive Sources Notice supersedes Business from Sensitive Sources Notice - Number 5. The Commission would be pleased to provide further advice if you have any queries arising from this Notice.

​Further to Michael Graham’s letter dated 3 March 2008, please find attached the following draft Rules, Regulations and Codes: The Insurance Managers and Insurance Intermediaries (Approved Assets) Regulations, 2008 The Insurance Managers and Insurance Intermediaries (Client Monies) Regulations, 2008 The Insurance Managers and Insurance Intermediaries (Annual Return) Regulations, 2008 The Insurance...

​Further to Michael Graham’s letter dated 3 March 2008, please find attached the following draft Regulations and Codes: The Insurance Business (Approved Assets) Regulations, 2008- DRAFT The Insurance Business (Asset and Liability Valuation) Regulations, 2008- DRAFT The Insurance Business (Annual Return) Regulations, 2008- DRAFT The Insurance Business (Duties of General Representative) Regulations...