The Guernsey insurance industry has a “high level of observance” of international practices and standards, as according to the International Association of Insurance Supervisors (IAIS).
In its recently published report, IAIS emphasised Guernsey’s compliance with the Insurance Core Principles (ICPs), which has seen an increase in regulated and supervised investment.
The domicile as a whole was recognised for its provision of reinsurance, insurance-linked securities and longevity risk transfers.
As a participant of IAIS, the Guernsey Financial Service Commission (GFSC) in particular was commended for its continued management, organisation, efficiency and compliance.
Dominic Wheatley, CEO of Guernsey Finance, commented: “This report is a welcome endorsement of the strength of our important insurance industry and of a regulator who is seen as approachable, pragmatic and flexible.”
Cees Schrauwers, GFSC chairman, added: “We are pleased to receive the report from IAIS. The assessment provides a high-quality update to the 2010 IMF assessment of our observance of international standards, and it gives international counterparties assurance they may place reasonable reliance on the Bailiwick’s regulatory standards and those of the firms operating under them.”
