Insurance

The Commission is pleased to release a discussion paper on the development of green insurance in Guernsey. The paper considers how the Bailiwick might become a supportive jurisdiction for green insurance and welcomes feedback from third parties. The fundamental challenge of a warming planet is not going to go away and there will be a continuing demand for measures to mitigate climate change. In...

The Commission is pleased to announce the publication of the Code of Market Conduct (“the Code”) following the closing of the consultation period on 12 July 2018. The aim of the Code is to provide guidance on whether or not behaviour amounts to market abuse, in the opinion of the Commission. The Commission would like to express its gratitude to everyone who has provided valuable feedback on the...

The Guernsey Financial Services Commission (“The Commission”) recognises that cyber and information security is a high priority risk area for organisations of all sizes. The Commission considers that all financial services firms and prescribed businesses in the Bailiwick of Guernsey should have a structured approach to managing cyber and information security. Cyber and information security should...

The Commission has today released guidance to assist individuals, and the entities who may employ them, on how to meet the “fit and proper” standard set out in the relevant minimum criteria for licensing. The guidance may be found here. Please note the above article has been archived. Please refer to the latest guidance on Fit and Proper Persons.

The Commission has historically consulted annually with industry on proposals for increasing the fees which it charges licensees. Those fees represent the Commission’s principal method of funding its operational costs including any capital expenditure. However, after careful consideration, the Commission has decided not to seek any increase in the current level of its fees for the next two years...

The Commission’s Director General, William Mason, was the guest speaker at today’s lunchtime event held by the Chamber of Commerce. Mr Mason explored the positive relationship that can exist between regulation and economic growth. He posited that the key issue is not whether growth and regulation can co-exist but rather what level and type of regulation is optimal for economic growth. He suggested...

3rd August 2018 Following the closing of The Insurance Regulation Omnibus Consultation Paper on 26 April 2018 and analysis of responses, the Commission is today issuing a feedback paper, as well as associated rules, amendment rules, and guidance applicable to insurers licensed under the Insurance Business (Bailiwick of Guernsey) Law, 2002. The feedback consultation response can be found here. The...

The Commission is today issuing Instruction Number 02/2018 for Financial Services Businesses and Prescribed Businesses replacing Instruction No. 01/2018 issued on 16 March 2018. Changes to Instruction No. 02/2018 include the removal of Iraq and Vanuatu and the addition of Pakistan. Further details in respect of these changes can be found within Part B of the Instructions. The Commission has also...

Introduction On 30 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 had previously indicated their support for the proposals which followed a public consultation process. The Law Officers of the Crown together...