News

Insurance

Engagement on the draft amendments to Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 (the “Insurance Managers and Insurance Intermediaries Law”)

15th January 2021
Introduction On the 30th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark has previously indicated their support for the proposals which followed a public consultation process, together with the Law Officers of...

Commission becomes world’s first regulator to introduce a green insurance capital regime

15th December 2020
In October of this year, the Commission issued a consultation paper proposing amendments to the Insurance Business (Solvency) Rules 2015 which would see the introduction of a specific approach for green assets into the Solvency Rules and help to incentivise increased investment in green assets by life insurers. The background to this move follows global political and public debate around...

Distribution of 2021 annual fees to Licensees and Registrants

14th December 2020
The Commission has now sent its 2021 annual fees to all licensees and registrants by email. If you have not received an invoice by email you should contact [email protected] quoting the entity name and the GFSC reference number, which can be found on our website (Regulated Entities and Registered Entities). You may also contact this email address to confirm the validity of an emailed invoice...

Changes to how the Commission distributes Annual Fee Invoices to Licensees and Registrants

30th November 2020
Licensees and registrants are advised that the Commission is changing the way it distributes its annual license fee invoices, commencing with the 2021 annual fees which are due to be sent out next month. Generic email addresses for all regulated and registered entities have been prepared which will be used to send out the annual fee invoices for 2021. If you wish to check which email address the...

Engagement on the draft amendments to Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Business Law”)

6th November 2020
IntroductionOn the 30th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Representatives of the States of Alderney and the Chief Pleas of Sark has previously indicated their support for the proposals which followed a public consultation process, together with the Law Officers of...

Consultation Paper on Proposals for a Green Investment Discount for Life Insurer Capital Requirements

5th October 2020
The Guernsey Financial Services Commission has today issued a consultation paper seeking views from interested parties on proposed amendments to the Insurance Business (Solvency) Rules, 2015.The proposed amendments would introduce a “Green Discount”, which would reduce the capital requirements applicable to the green fixed income assets of life insurers. Additional measures would be put in place...

Commission consults on Fees for 2021

4th August 2020
The Commission today launches a consultation paper on proposals for increasing the licence fees paid by firms (please click here for a copy of the consultation paper). The consultation period will close on Tuesday 15 September.The proposals are for an increase of 2.1% across all sectors, based upon Guernsey’s RPI, together with the introduction of a modest fee for fast track applications of £500...

Stephen Paul Dewsnip

30th July 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”)The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”)Stephen Paul Dewsnip (“Mr Dewsnip”)On 27 July 2020, the Guernsey Financial Services Commission (the “Commission”) decided:1. To impose a financial penalty of £7,000 under section 11D of the Financial Services...

Shane Younger and Christopher Percival

30th July 2020
The Financial Services Commission (Bailiwick of Guernsey) Law, 1987 (the “Financial Services Commission Law”)The Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Law”)Global Insurance Group Limited (“GIGL”) Shane Younger (“Mr Younger”) Christopher Percival (“Mr Percival”)On 10 July 2020, the Guernsey Financial Services Commission (the “Commission”) decided:1. To impose a...