Insurance

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...

The Commission has today issued a Guidance Note for Licensed Insurers on Outsourcing. The aim of the guidance is to clarify the expectations of the Commission with respect to the outsourcing of material activities by licensees under the Insurance Business (Bailiwick of Guernsey) Law, 2002.

Following the closing of the consultation on potential amendments to The Insurance Managers and Insurance Intermediaries (Approved Assets) Regulations, 2002 and analysis of responses, the Commission is today issuing a feedback paper and amending regulations. The amending regulations, referred to as The Insurance Managers and Insurance Intermediaries (Approved Assets) (Amendment) Regulations, 2018...

The Commission has today issued a draft guidance note in respect of outsourcing for insurers licensed under the Insurance Business (Bailiwick of Guernsey) Law, 2002. The aim of the guidance note is to clarify the requirements for those licensees with regard to outsourcing. Interested parties are invited to provide comments on the proposed guidance, to be submitted in writing by no later than 18 th...

The Commission has today issued a consultation paper making proposals in respect of Regulations applicable to insurance managers and intermediaries licensed under the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002. The Approved Assets Regulation Consultation Paper proposes amendment to the Insurance Managers and Insurance Intermediaries (Approved Assets)...

The Commission is seeking to work with the global insurance industry to ensure that long-term green investments can be effectively taken on as assets to meet long-term life insurance liabilities. This initiative seeks to fulfil two aims: the first is to make it easier for insurance companies to access long-term investments that in turn will make it easier for insurance companies to offer...

Two-factor authentication (“2FA”) functionality is now available on the Online Submissions Portal. This is in line with the Commission’s commitment to continually improving the security of licensee data. If your organisation promotes the use of 2FA, then please ensure that your portal users opt in to use the functionality. A guide with instructions is available here.

Following release on 15 th March 2018 of the draft Regulation of Fiduciaries, Administration Businesses & Company Directors, etc. (Bailiwick of Guernsey) Law, 2018 for engagement (see here for the news article), the Commission will be hosting a drop-in session on 19 th April 2018 between 8.30am and 9.30am. Please join us to discuss the draft Law and have a coffee and a croissant. The engagement...