Professional Indemnity Insurance Requirements Consultation
8th December 2021The Guernsey Financial Services Commission has issued today two consultation papers on professional indemnity insurance (“PII”), one addressing the Fiduciary and Investment sectors and the other relevant for Insurance Managers and Insurance Intermediaries.
Following a process of data collection, engagement with industry participants and policy review, a number of proposals are made to amend the regulatory PII requirements under the Fiduciaries Law1, the PoI Law2 and IMIIL3.
Respondents are encouraged to submit their comments online using the Commission's Citizen Space Consultation Hub at the following link where copies of the Consultation Papers can also be found: https://consultationhub.gfsc.gg/
Responses to the Consultation Papers are sought by 14 February 2022.
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1 The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2020 (the “Fiduciaries Law”)
2 The Protection of Investors (Bailiwick of Guernsey) Law, 2020 (the “PoI Law”)
3 The Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey ) Law, 2002 (“IMIIL”)