During a recent meeting of the International Association of Insurance Supervisors in Oslo, the Guernsey Financial Services Commission was tasked with the responsibility of raising the international profile and understanding of the captive insurance industry.
Alan Fleming, Director of Insurance at the Commission, said:
"It was very encouraging that the Technical Committee of the IAIS recognised the need for greater information and education about captive insurance. I have been tasked with co-ordinating an issues paper, which will be presented to the IAIS Technical Committee. In doing this, I will be working closely with members of the Offshore Group of Insurance Supervisors. It is good that some major jurisdictions including the UK, Singapore and some US States have also agreed to contribute to the document."
Peter Neville, Director General of the Commission, who also attended the IAIS meetings in Oslo last week, said:
"I am very pleased by the initiative Alan has taken and by the IAIS support. The IAIS is the international body for setting insurance supervisory standards. As a member of the Executive Committee I represent Guernsey and the Offshore Group of Insurance Supervisors to make sure that the standards that are established are appropriate. In addition to the captive initiative, a major focus at the meetings last week was a guidance paper on anti-money laundering. The Commission has contributed significantly to the drafting of this paper."