Insurers in Guernsey can be licensed to write either general business (i.e. non-life) or long term business (i.e. life). New composite insurers are no longer allowed except where the life/non-life insurance business is incidental in terms of premium income to the principal non-life/life insurance business being written by the licensed insurer, or where the licensed insurer is a protected cell or incorporated cell company.
Section 1(3) of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended ("the Law") defines an insurance manager as "a person who exercises, in relation to any insurer of which he is not an employee, managerial functions (including administration and underwriting) or such other functions as may be prescribed by the Commission by regulation."
Under Section 17 of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended, a licensed insurance intermediary (or licensed insurance manager if applicable) “shall not arrange or attempt to arrange a contract of insurance between a client who is a member of the general public (in the Bailiwick or elsewhere) and any person other than a recognised insurer.”