On 12 June 2019 the International Association of Insurance Supervisors (IAIS) approved the Detailed Assessment of Observance of IAIS Insurance Core Principles by the Bailiwick of Guernsey. The IAIS is one of the principal international standard setting bodies, to which the Bailiwick has a long standing commitment. The report follows an assessment of Guernsey against the Insurance Core Principles during the fourth quarter of 2018.
The report states that Guernsey has “a high level of observance of current international standards”. It highlights the Bailiwick’s continuing success in keeping pace with developments in Insurance Core Principles and the investment that has been made in the continuing enhancement of supervision. The Commission also acknowledges the helpful recommendations contained within the report where, going forwards, Guernsey can further enhance its compliance with international standards.
Drs. Cees Schrauwers, Chairman of the Guernsey Financial Services Commission said:
“We are pleased to receive the report from IAIS. The assessment provides a high quality update to the 2010 IMF assessment of our observance of international standards, and it gives international counterparties assurance they may place reasonable reliance on the Bailiwick’s regulatory standards and those of the firms operating under them.
I would like to thank all the stakeholders who gave freely of their time to explain the insurance industry in Guernsey, and the staff from the Commission for their efforts throughout the assessment process.”
The IAIS report is available for review using the following link: