Amendments to The Insurance Business (Bailiwick of Guernsey) Law 2002 and Associated Regulations and Codes

​Further to Michael Graham’s letter dated 3 March 2008, please find attached the following draft Regulations and Codes:

• The Insurance Business (Approved Assets) Regulations, 2008- DRAFT

• The Insurance Business (Asset and Liability Valuation) Regulations, 2008- DRAFT

• The Insurance Business (Annual Return) Regulations, 2008- DRAFT

• The Insurance Business (Duties of General Representative) Regulations, 2008- DRAFT

• Licensed Insurers’ Corporate Governance Code (revised March 2008)

• Licensed Insurers’ Code of Conduct

• Code of Conduct for Insurers Conducting Long-Term Business

It should be noted that these draft Regulations and Codes have not yet been signed by the Policy Council and are therefore not currently in force. The Commission anticipates that these documents will come into force on 12 March 2008. The reason for issuing the draft Regulations and Codes at this stage is to provide all current and potential licensees with an opportunity to put appropriate policies, procedures and controls in place before these requirements take effect.

Licensees are advised to revisit the Commission’s web site after the 12 March 2008 to obtain final copies of the legislation referred to in this article.