The Commission and the States of Guernsey Commerce and Employment Department have jointly issued the following statement.
Solvency II Position Statement
1. The authorities in Guernsey have no plans to seek equivalence under Solvency II.
2. Guernsey remains committed to meeting internationally accepted regulatory standards as set by the IAIS and endorsed by the G20. In 2011 the IAIS standards will be changing to take account of latest developments on risk based solvency.
3. The States of Guernsey and the GFSC will be focused on amending Guernsey’s regulatory regime to take account of these international developments. Obviously any changes to that regime will need to take account of the nature of, and be appropriate to, Guernsey’s insurance industry.
4. Work on implementing those emerging global standards in Guernsey’s regulatory regime will continue in 2011 and will involve full consultation with Guernsey’s insurance industry.
5. Parallel to this work the Commerce and Employment Department and the GFSC will continue to monitor developments on Solvency II with a view to determining whether or not full or partial equivalence may be beneficial to Guernsey.
6. Before any decision is made as to whether Guernsey should seek equivalence in the future the Department and the GFSC will consult with Guernsey’s insurance industry to ensure that the implications of seeking equivalence are fully understood.
For more information contact: Jarrod Cowley-Grimmond, Director of Finance Sector Development, tel: 234567 or Fionnuala Carvill, Commission Secretary, Guernsey Financial Services Commission, tel: 712706