Insurance

Directors of Licensees will be mindful in these extraordinary times of their duties towards their own incorporated entity, regardless of whether it is a local business or forms part of a larger group of companies. Licensed entities are of course subject to the law, but holding a Licence from the Commission also adds various requirements laid down by the Commission in Rules, Conditions or other...

Amending the Timing of Financial Return filings with the Commission The Commission is conscious that almost all firms will be experiencing certain operational issues as they transition to an environment in which many of their staff will be working from home. Mindful of this and of some significant impending deadlines for financial returns, it is making the following changes to its expectations:-...

The Commission confirms that with effect from close of business on Tuesday 24 March 2020, the majority of its staff will be home working with just a small core staff operating from the Commission’s offices based at Glategny Court. The switchboard will continue to operate during normal office hours and callers will be asked by the receptionist to provide their contact details in order that a member...

The Commission is closely monitoring the coronavirus situation and will be increasing its financial stability monitoring work and acting to ensure that consumers are protected where necessary. We would appreciate firms’ co-operation with our financial stability enquiries when we make them as we need to be able to continue to understand the health of the largest part of Guernsey’s economy during...

At the joint presentations on the National Risk Assessment (“NRA”) from the Commission, Policy and Resources Committee and Financial Intelligence Service in February, it was highlighted that the Commission would be running a series of interactive workshops in April to assist firms in developing their mitigation of the money laundering and terrorist financing risks to their business as identified...

The Commission is maintaining its efforts to monitor financial stability issues across the financial services sector. As part of this, the Commission considers it essential that firms continue to make accurate regulatory returns in a timely manner. The Commission appreciates that some firms may encounter challenges in their interactions with some third parties in preparing their regulatory returns...

The Commission has published some FAQs on the consumer pages of its website to help inform consumers. These aim to provide easily accessible and clear information on the possible impact of coronavirus (Covid-19) on travel insurance and medical insurance for people living in the Bailiwick. With the Foreign and Commonwealth Office now advising against "all but essential travel" to Italy, it has...

The Commission is today issuing Instruction No. 01/2020 for Specified Businesses, replacing and repealing Instruction No. 03/2019 for Specified Businesses issued on 29 November 2019. Changes since Instruction No. 03/2019 include the addition of Albania, Barbados, Jamaica, Mauritius, Myanmar, Nicaragua and Uganda, and the removal of Trinidad and Tobago. Further details in respect of these...

On 10 & 11 February 2020 representatives of the Policy & Resources Committee, the Guernsey Financial Services Commission (“the Commission”) and the Financial Intelligence Service gave presentations on the Bailiwick’s National Risk Assessment of Money Laundering and Terrorist Financing risks ("the NRA"). The Commission’s presentation covered the main money laundering and terrorist financing risks...