The Commission today launches a consultation paper (please clickhere for a copy) on its proposals for increases in the 2017 licence fees paid by firms. The consultation period will close on Wednesday 31 August.
An overall blended rate of increase of 2%, including anomalies, is proposed for 2017.
Commission Chairman, Cees Schrauwers, said “This will be the fifth year in succession where the Commission has proposed fee increases of 2% or less. It remains our intention to continue to focus on strong cost control and ensure that future fee increases are set at modest levels with a view to helping our firms remain competitive.”
One significant change which is being proposed would see the international commercial general insurers and reinsurers bearing a greater proportion of the fees relative to other types of insurer. This would enable Insurance Linked Securities (ILS) business to bear a lower proportion of the fees.
Jeremy Quick, Director of Banking and Insurance, explains: “The Commission has worked closely with the Guernsey International Insurance Association (GIIA) in reviewing the overall fee structure for the sector. GIIA proposed, with the support of its membership, a restructuring of certain fees which is seen as helpful for the development of the ILS area of the market. However, any restructuring proposal remains subject to the consultation process.”