Insurance

​Instructions for financial services businesses and prescribed businesses

Currently when Guernsey insurers, including captives, accept reinsurance from EU domiciled insurers, the EU insurer is normally able to take account of the ceded reinsurance in determining its own solvency capital requirements. Under the EU Solvency II Directive, which will come into force in the third quarter of 2012, EU insurers will only be able to take full account of reinsurance ceded to...

Following the Guernsey Court of Appeal decision handed down on 19 May 2009, the Commission has revoked the licence held by Canivet Webber Financial Services Limited as an insurance intermediary with effect from 19 May 2009 in accordance with section 9 of The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 as amended.

​The Policy Council have signed the Criminal Justice (Proceeds of Crime) (Financial Services Businesses) (Bailiwick of Guernsey) (Amendment) Regulations, 2009. The main change to the 2007 regulations created by the amendment regulations is a requirement that senior management sign off is needed for all new high risk relationships and not only for new PEP relationships. The amendment regulations...

​Business from Sensitive Sources Notice 9 for financial services businesses and Notice 4 for prescribed businesses

​ Business from Sensitive Sources Notice 8 for financial services businesses and Notice 3 for prescribed businesses

​Business from Sensitive Sources Notice 7 for financial services businesses and Notice 2 for prescribed businesses

The States of Guernsey Health and Social Services Department has confirmed that the current Reciprocal Health Agreement between the Channel Islands and the UK is to cease with effect from 31 March 2009. The practical effect of the cessation of the agreement is that most Channel Island residents will no longer be able to access the NHS free of charge when in the UK, other than for treatment given...

​Statement to the House of Commons by the Chief Secretary to the Treasury on 15 January 2009 The Parliamentary Ombudsman’s report made two key recommendations; firstly, that the relevant public bodies should apologise for the ‘justifiable sense of outrage’ that has resulted from her findings of regulatory maladministration; and, secondly, that the Government should establish and fund a...