Insurance

The Bailiwick of Guernsey has achieved a good result in a recent International Association of Insurance Supervisors (“IAIS”) peer review process (“PRP”) focused on how insurers manage risk relating to solvency. This result confirms the earlier findings of the IAIS Member Assessment Programme published in 2019 . The objective of the IAIS PRP is a point-in-time assessment to deepen awareness of the...

On 12 November 2024, the Royal Court ordered the discharge of the administration order and placed GBG Insurance Limited into liquidation, the purpose of the administration having been achieved. The Joint Liquidators, who were formerly the Joint Administrators, have now issued a communication to potential creditors, which provides further information.

The Commission has today issued a feedback paper following the consultation on disclosure rules for insurance intermediaries issued in 2023. The Commission is grateful for the responses received. The feedback paper, along with the Insurance Intermediaries (Amendment) Rules, 2024, can be found on the Commission’s Consultation Hub . The amendments to the rules will come into effect on 1 st January...

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...

The administrators of GBG Insurance Limited have announced that they have reached an agreement which has secured a buyer for parts of Global Benefits Group’s international education insurance businesses and its administration platform. The acquisition of these assets will allow for continuity of service and benefits for a number of GBG Insurance Limited’s customers. Policyholders are encouraged to...

Today, the Commission has published a consultation paper proposing amendments to the rules for insurance intermediaries to include some additional disclosure requirements. This affects the thirty-five insurance intermediaries operating in the Bailiwick which are licensed by the Commission. The consultation sets out a proposal that would require the intermediaries to provide information to...

Further to the announcement in our 2021 Annual Report advising of our intention to implement mandatory two-factor authentication (‘2FA’) on our Online Portals for all our regulated entities, we have been working on our background systems. On this basis by 31 May 2023, the Commission intends to switch 2FA on for all Portal Users who have not yet enabled this functionality. 2FA is an additional...

Today, the Commission issued a Consultation Paper on Retail General Insurers. General, as opposed to life, insurance concerns coverage for house contents, bikes, health costs and so on. Guernsey already offers such insurance on a global basis and aims to grow this business. To support this aim, the Commission intends to develop further the current regulatory regime. This involves a strengthening...