Licensed Insurance Managers & Insurance Intermediaries
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.
Specific criteria and principles
There are no criteria and principles specific to applications in this section other than those found at 'New Applicants'.
The licence application pack must contain:
Application form and supporting documentation
One of the following application forms, as relevant to the prospective business, must be fully completed, signed and dated by two authorised signatories of the applicant and submitted together with all of the supporting documentation requested in that form:
- Insurance Manager Application Form;
- Insurance Intermediary Application Form;
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.
A narrative business plan detailing the prospective business.
Details of the client money handling procedures.
Personal Questionnaire ("OPQ")
OPQs 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, 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.
Listing signing powers of the applicant.
Certificate of incorporation and memorandum and articles of association.
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.
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.
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.
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.
The response time may be advanced or substantially delayed depending on the quality of the submission of the application pack.
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.
Successful applicants will be issued with a licence certificate.
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.
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.