Insurance

​Please be advised that there have been a number of developments in relation to the Bailiwick's sanctions regime which are set out below. These developments concern sanctions relating to ISIL & Al-Qaida; Libya; North Korea; and Terrorism and Terrorist Financing. ISIL (DA’ESH) AND AL-QAIDA NETWORK The United Nations Security Council has added two individuals (“the listed persons”) to the list of...

​The Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended (“the Financial Services Commission Law”) The Protection of Investors (Bailiwick of Guernsey) Law, 1987, as amended (the “POI Law”), The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc, (Bailiwick of Guernsey) Law, 2000, as amended (the “Fiduciaries Law”), The Insurance Managers and...

As part of the Commission's regularly scheduled server maintenance, both the Online Submissions Portal and PQ Portal will be unavailable on 30 July 2016. If you have any queries around accessing the Online Submissions Portal or the PQ Portal, please contact the Online Services Help Desk - [email protected]

ISIL (DA’ESH) AND AL-QAIDA NETWORK This Notice is issued further to a previous Sanctions Notice issued in relation to the removal of one individual from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. Please be advised that a corresponding change has now been made to the list maintained by the European Union under...

The Commission today launches a consultation paper (please click here for a copy) on its proposals for increases in the 2017 licence fees paid by firms. The consultation period will close on Wednesday 31 August. An overall blended rate of increase of 2%, including anomalies, is proposed for 2017. Commission Chairman, Cees Schrauwers, said “ This will be the fifth year in succession where the...

​ESMA has today confirmed its positive advice to the EU Commission regarding the extension of the AIFMD passport to Guernsey ( click here ). In its advice ESMA states “that there are no significant obstacles regarding investor protection, competition, market disruption and the monitoring of systemic risk impeding the application of the AIFMD passport to Guernsey.” Guernsey is one of just five...

​ISIL (Da'esh) and Al-Qaida Network Please be advised that the United Nations Security Council has deleted one individual from the list of persons associated with ISIL (Da’esh) and Al-Qaida maintained under United Nations Security Council Resolution 1267. All persons on the list are subject to restrictive measures which include targeted financial sanctions. Further details are available here: http...

​Following last year’s successful one-day seminar for intermediaries on conduct of business, the Commission recently held an interactive seminar which was attended by approximately 85 representatives from insurance intermediaries, insurance companies, insurance managers and retail banks. In selecting the topic for this year’s seminar, the Commission recognised that significant changes will be...

Following a short consultation with industry the Commission has today issued revised Annexes to the Financial Services Business ("FSB") and Prescribed Business ("PB") Handbooks on the use of technology in the customer due diligence process. The updates have removed the guidance on the use of online utility bills and clarified further the interplay between the existing rules in the Handbooks and...