Insurance

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Instruction (Number 16) for Financial Servcies Businesses and Instruction (Number 14) for Prescribed Businesses For repealed Instructions and Business From Sensitive Sources, see the Instructions* page on this website. *This page has been archived - please visit Notices, Instructions & Warnings for current information.

​ 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 Sartor’s licence was revoked by the Commission with effect from 9 July 2010.Mr Taylor was convicted in November 2010 of 9 counts of money laundering and sentenced in...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...

Guernsey adopts new Terrorist Asset-Freezing Law. A link to the States of Guernsey media release can be found at www.gov.gg.

The Commission has written to financial services businesses in connection with Eurozone risk management. The Commission has noted that continuing action by governments in the Eurozone might not achieve the desired effect of improving financial stability. One or more Eurozone members may exit from Euro currency union, and reversion to local currencies is possible. Accordingly, the Commission has...

​On 28 of November the Commission issued: Instruction (Number 15) for Financial Services Businesses and Instruction (Number 13) for Prescribed Businesses For repealed Instructions and Business from Sensitive Sources, see the Instructions page on this website.

​On 22nd of November the Commission issued the following instructions in relation to Iran: Instruction (Number 14) for Financial Services Businesses and Instruction (Number 12) for Prescribed Businesses