The Commission has recently published several papers on its website. The papers are as follows: 1. Review of Own Solvency Capital Assessments of Life and Non-Life Licensees - This paper is an objective assessment of selected OSCAs and should be of interest in particular to Non-Executive Directors. 2. Technical Note on Stress Testing - Although the Commission has previously…
You are here
Instruction (Number 15) for Financial Services Businesses and Instruction (Number 13) for Prescribed Businesses28th November 2011
On 28 of November the Commission issued: Instruction (Number 15) for Financial Services Businesses and Instruction (Number 13) for Prescribed Businesses For repealed Instructions and Business from Sensitive Sources, see the Instructions page on this website.
Instruction (Number 14) for Financial Services Businesses and Instruction (Number 12) for Prescribed Businesses22nd November 2011
On 22nd of November the Commission issued the following instructions in relation to Iran: Instruction (Number 14) for Financial Services Businesses and Instruction (Number 12) for Prescribed Businesses
Please note that invoices for 2012 annual fees will be issued in December 2011 and therefore payment will be expected for all current licensees on receipt of an invoice. If any entity will not continue in 2012 and therefore should not be invoiced, the Commission will require a request to surrender by 31 December 2011.
The Commission has issued a draft guidance note on actuarial standards and requirements to clarify the existing requirements currently in the insurance laws, regulations and in other guidance applicable to insurance licensees. This guidance note is intended to satisfy an IMF recommendation in connection with IAIS core principle 1. Draft Guidance Note on Actuarial Standards and…
The Commission has today issued the Finance Sector Code of Corporate Governance. A copy of the press release and the Code can be found below: Press release Code of Corporate Governance
Mr Nicpon was a director and shareholder of International Alliance Insurance Limited, which was placed into compulsory liquidation on 4 April 2006 by the Royal Court on application by the Commission. International Alliance Insurance Limited was not licensed under The Insurance Business (Bailiwick of Guernsey) Law, 2002 (“the Law”) to undertake insurance business in or from within Guernsey…
THE Guernsey Financial Services Commission has promoted Caroline Bradley to Deputy Director of the Insurance Division. Mrs Bradley joined the GFSC in 2008 after a long career in insurance. Having started out as a graduate trainee with a major UK insurer, she specialised as a loss adjuster, then, on moving to Guernsey, she spent 13 years working in captive management dealing with all types of…
The Guernsey Financial Services Commission and Germany’s banking, insurance and securities regulator, BaFin, have signed a Memorandum of Understanding (MoU), which provides a framework for enhanced cooperation between the two supervisory authorities. The MoU has been signed in the spirit of mutual cooperation and information exchange seen as crucial by the G20 countries and…
On 9th August the Commission issued a letter regarding the Eurozone and the United States to all non-branch financial services businesses and collective investment schemes. For a copy of the letter, please click here.