In accordance with section 33 of The Insurance Business (Bailiwick of Guernsey) Law, 2002, as amended (“the Law”), all licensed insurers are required to prepare an annual return in such form as the Commission requires. The detailed requirements for annual returns are contained in The Insurance Business (Annual Return) Regulations, 2008, which all licensed insurers should familiarise themselves with.  For ease of reference, the Commission has prepared the following annual return checklists which should be used to help ensure that all Commission requirements have been met: 

In addition, the Commission has prepared the following documents which contain further explanatory information in respect of the annual return requirements for international insurers: 

Links to other Commission-specific forms and checklists required for the preparation of annual returns can be found below: 

The Insurance Division has developed a risk-based approach to assessing the solvency of its licensed insurers in line with developing international standards.  Whilst the minimum solvency requirements set out in Schedule 2 of the Law still apply, each licensed insurer is also required to undertake an Own Risk and Solvency Assessment (“ORSA”) at least annually in order to determine its Own Solvency Capital Assessment (“OSCA”).  The OSCA is required to be submitted with the annual return although the period covered by the OSCA does not have to mirror the period covered by the annual accounts.  Please refer to the Guidance Note on Licensed Insurers’ Own Risk and Solvency Assessment for further information.

 

 

In accordance with section 37 of the Law, all licensed insurers are required to deposit the annual return with the Commission within a period of four months beginning on the close of the financial year to which the accounts relate.  

 

 

Under The Financial Services Commission (Administrative Financial Penalties) (Bailiwick of Guernsey) Regulations, 2010, an administrative financial penalty will be payable in respect of any annual return which is not filed within the four month period noted above.