Applicable law
Licences are issued under The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended ("the Law").
Applicants for a licence must read and understand the minimum criteria for licensing, set out in Schedule 4 of the law.
Applicable rules
The Insurance Intermediaries (Conduct of Business) Rules 2014.
The Insurance Managers (Conduct of Business) Rules 2014.
Applicable regulations
The Insurance Managers and Insurance Intermediaries (Licensing) Regulations, 2002.
Specific criteria and principles
There are no criteria and principles specific to applications in this section other than those found at 'New Applicants'.
Application pack
The licence application pack must contain:
Application form and supporting documentation
Application form and supporting documentation: Scan the fully completed application form signed and dated by the relevant officers of the applicant and supporting documentation, as itemised in the application form, together with an explanatory covering letter scheduling the contents and send electronically to [email protected] .
Insurance Manager Application Form;
Insurance Manager Application Form
- Managing General Agent Application Form;
Managing General Agent Application Form
Insurance Intermediary Application Form;
Insurance Intermediary Application Form
Application fee
The fee is non-refundable. Fees
Beneficial owner evidence
Copies of authorisation or incorporation certificates relating to the beneficial owner of the applicant may be requested.
Business plan
A narrative business plan detailing the prospective business.
Client money
Details of the client money handling procedures.
Personal Questionnaire ("OPQ") and Online Appointment ("OA")
OPQs and/or OAs must be submitted through the Online PQ Portal for each natural person who is a beneficial owner, controller, partner, director, company secretary, Money Laundering Reporting Officer, Money Laundering Compliance Officer, Compliance Officer or manager of the applicant(s).
Resources and delegation
The applicant is required to have adequate resources of personnel, policy, procedures, premises and systems to conduct operations including: record-keeping;compliance;anti-money laundering measures;internal control and other systems.
If the applicant proposes to delegate some responsibilities to other service providers, the arrangements must be acceptable to the Commission and demonstrate that the delegate, including the authorised insurance representative, has the necessary capability.
Professional indemnity cover
Details of the amount, and limitations, of the proposed cover of the applicant.
Bank mandate
Listing signing powers of the applicant.
Establishment evidence
Certificate of incorporation and memorandum and articles of association.
Share capital
Documentary confirmation that share capital has been received.
Source of funds
Confirmation of the origin of the source of funds to support the operations of the applicant.
Additional information
Where the applicant, controller or ultimate holding company is resident in a sensitive jurisdiction, as published by the Commission on its website, further details may be requested.
Application process
We will assess and review the application pack and inform the applicant, or its professional advisers, of any matters requiring expansion or clarification. Once all queries have been satisfied, the application will be referred to a decision-maker. A formal response will follow decision-making.
Timeframe
Indicative timeframe: We will acknowledge the application within 3 business days from the date of receipt and aim to provide an in principle agreement to applicants within 28 calendar days receipt of a fully completed application pack.
Application quality
The response time may be advanced or substantially delayed depending on the quality of the submission of the application pack.
Written response
We will send a written response detailing any matters that require expansion or clarification to enable the application to be referred to a decision-maker.
Application conclusion
Licence
Successful applicants will be issued with a licence certificate.
Conditions
Any conditions which may be imposed on the licence will be scheduled in a covering letter. Conditions will have been discussed with applicants in advance.
Annual fee
Upon licensing, the annual licence fee becomes due, which is reduced pro rata in the first year: an invoice will be sent with the licence.