Insurance

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...

The Bailiwick of Guernsey has achieved a positive result in a recent International Association of Insurance Supervisors (“IAIS”) Peer Review Process (“PRP”) examining how insurers manage their use of reinsurance and other forms of risk transfer. The objective of the IAIS PRP is to provide a point-in-time assessment of a jurisdiction’s supervisory and regulatory frameworks against the IAIS...

The Financial Services Business (Enforcement Powers) (Bailiwick of Guernsey) Law, 2020 (the “Enforcement Powers Law”) The Insurance Business (Bailiwick of Guernsey) Law, 2002 The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002 The Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) Regulations, 2007 (the “Regulations”)...

The Digital Forum’s next roundtable will focus on digital finance in the insurance sector and will take place from 2pm to 4pm on 3 March 2026 at the Commission’s Regency Court offices. This event builds on previous roundtables supporting the Commission’s Digital Finance Initiative and follows the publication of the Consultation Paper on Supporting Growth with Digital Finance, launched in December...

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...