The Commission welcomes NAIC announcement of Guernsey’s application for Qualified Jurisdiction status

The Guernsey Financial Services Commission welcomes the announcement by the National Association of Insurance Commissioners of the Bailiwick’s application for Qualified Jurisdiction status.  We made this application in July with the support of the Guernsey International Insurance Association and the States of Guernsey.

We believe that the skills and capacity of insurers in Guernsey could help US State insurance regulators continue to deliver good outcomes for consumers in US States.  If the Bailiwick were to be Recognised the terms on which Guernsey insurers could write business into the US States would improve, thus facilitating economic growth in the Bailiwick. 

The application constitutes an important component of the Finance Sector Strategy 2035 launched by the States, Commission, Guernsey Finance and GIBA in February this year.

Insurance is regulated at a State level in the United States rather than being undertaken by the Federal Government.  Matters of mutual interest are addressed by the National Association of Insurance Commissioners (NAIC).  The NAIC’s Mutual Recognition of Jurisdictions (E) Working Group oversees the process for evaluating jurisdictions and maintains the NAIC's list of Qualified Jurisdictions and Reciprocal Jurisdictions.

Guernsey’s application sets out the Bailiwick’s regulatory framework, insurance sector, supervisory approach, cooperation arrangements and other matters relevant to the NAIC’s review process. It covers laws and regulations, regulatory practices, reinsurer performance, enforcement of final US judgments and solvent schemes of arrangement.

Guernsey is a long-established international finance centre with more than 50 years of expertise across insurance, banking, private wealth, investment and funds, pensions and sustainable finance. Financial services contributed £1.3 billion and accounted for 40% of Guernsey’s Gross Value Added in early 2025.

The Bailiwick’s insurance sector is internationally focused and includes captives, commercial general insurers, commercial reinsurers, commercial life insurers, special purpose vehicles and cell structures.

William Mason, Director General, said:

“Guernsey has a long and successful track record as an international insurance centre. The quality of our regulation was endorsed by the International Association of Insurance Supervisors through its independent assessment undertaken in 2019. We think that the skills and capacity of the Bailiwick's insurers can play a helpful role in delivering value for US consumers. We are looking forward to working with our counterparts in the NAIC over the coming months to explain Guernsey's robust and proportionate approach to insurance regulation.”

Katherine Jane, Deputy Director General (Risk and Operations), said:

“The Commission is actively engaged in international insurance supervision through the IAIS and related international regulatory forums. That international perspective is central to how we approach this work. Guernsey’s regime is based on proportionate, risk-based supervision, strong governance expectations and a clear commitment to regulatory co-operation. Those are the attributes we are seeking to evidence through the NAIC process.”

Lisa Peterson, Chief Actuary at the Guernsey Financial Services Commission, said:

“Before joining the Commission, I worked at Canada’s insurance and pensions regulator and one of the things that has struck me since working in Guernsey is how familiar many aspects of the regime feel from a North American supervisory perspective. Guernsey’s approach is proportionate and tailored to the nature of its market, but it is also grounded in the same core objectives: solvency, policyholder protection, sound governance and effective cooperation between regulators.”

The application also highlights the Commission’s statutory powers to cooperate and exchange information with insurance supervisors, including US state insurance regulators. The Commission has entered into 84 MoUs and MMoUs and has been a signatory to the IAIS Multilateral Memorandum of Understanding since November 2010.  It was also upgraded to the Enhanced Multilateral Memorandum of Understanding of IOSCO in 2024, following an US Securities and Exchange Commission-led assessment."