Feedback Paper following consultation on the Rules for Retail General Insurers

The Commission has today issued a feedback paper following the consultation on rules for retail general insurers issued in 2023. The Commission is grateful to all those who responded. We have carefully considered the views expressed in reaching our conclusions and in deciding on the final updates to the insurance rules which are also amended today. 

Speaking about the amended rules, Jeremy Quick, Director of Banking and Insurance, said: “Retail insurers have become an increasingly significant part of the insurance sector in Guernsey.  They place different demands on the industry – the managers and intermediaries which support them and on the Commission itself as regulator – compared to other types of insurers. The revisions published today ensure that our rules are up-to-date and appropriate for the Bailiwick to meet international standards. In most cases this simply codifies existing good practice in the industry.  We have applied increased capital requirements, enhanced governance arrangements and more formal requirements for the independence of non-executive directors for retail general insurers whose policyholders are ordinary retail customers.”