Insurance

Date - 11 January 2013 Time - 9.00am till 1.00pm. Venue - Whittaker Hall, St James Concert & Assembly Hall Fee - £40.00 per delegate It is anticipated that the Foundations (Guernsey) Law, 2012 will come into force at the beginning of January 2013. With this in mind, the Commission’s Fiduciary Services Division is hosting a half day conference on 11 January 2013 in the Whittaker Hall at St James...

​ Stress Testing of the Guernsey Insurance Sector In 2011 the Commission conducted and reported upon a stress testing exercise in which the 28 largest insurers in Guernsey participated. The report published in December 2011 entitled “Stress Testing of the Guernsey Insurance Sector” is available on the Commission’s website. It had been the Commission’s intention to repeat that exercise in 2012...

​On 30 October the Commission issued: Instruction (Number 17) for Financial Services Businesses and Instruction (Number 15) for Prescribed Businesses For other Instructions and repealed Business from Sensitive Sources, see the Instructions page on this website.

The Commission would remind all companies which hold a licence from the Commission under the regulatory laws or which are registered or authorised as collective investment schemes (“funds”) under (i) below that an assurance statement under the Finance Sector Code of Corporate Governance* ("the Code") must be submitted to the Commission by no later than 31 July 2012. The regulatory laws are: the...

The States of Guernsey has adopted new sanction measures against Iran. The new sanctions carry forward the existing sanctions, introduce additional categories or persons as being subject to asset freezing provisions, and extend certain restrictions to the provision of insurance or reinsurance. Financial services businesses and prescribed businesses will need to familiarise themselves with the new...

On 12 March the Commission issued: Instruction (Number 16) for Financial Servcies Businesses and Instruction (Number 14) for Prescribed Businesses For repealed Instructions and Business From Sensitive Sources, see the Instructions page on this website.

​ The Finance Sector Code of Corporate Governance (“the Code”), issued in September 2011 with an effective date of 1 January 2012, stated the GFSC will require an assurance statement from companies confirming that the directors have considered the effectiveness of their corporate governance practices and are satisfied with their degree of compliance with the Principles set out in the Code, or the...

​Mr Taylor was the managing director and shareholder of Sartor Resources Limited (“Sartor”), an insurance manager licensed under The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002, as amended. Sartor’s licence was revoked by the Commission with effect from 9 July 2010. Mr Taylor was convicted in November 2010 of 9 counts of money laundering and sentenced in...

The Commission has made a number of changes to the Handbook for Financial Services Businesses on Countering Financial Crime and Terrorist Financing and to the Handbook for Legal Professionals, Accountants and Estate Agents on Countering Financial Crime and Terrorist Financing. The principal changes are to the chapters on UN, EU and Other Sanctions. A copy of the Handbook for Financial Services...