The International Association of Insurance Supervisors (IAIS) insurance core principles (ICPs) need updating, according to Caroline Bradley, deputy director of the Guernsey Insurance Division.
At the Guernsey Insurance Forum, held on 21 September in London, Bradley explained that the current ICPs, relating to the supervision of reinsurance and reinsurers, need to be updated because they reflect a lot of the issues that were around at the time those standards were written.
Bradley recently attended a meeting, held in Bermuda with the newly set up IAIS task force, designed to review the ICPs.
She said: “We feel, that it is important for Guernsey to be involved in those types of forums with that kind of company so that we can then ensure that the regulations, as they develop, take account of jurisdictions like Guernsey in terms of entities and the types of regulatory framework that we have.”
Bradley noted that the ICPs currently deal with things such as contract certainty, finite reinsurance and issues that were hot topics with regulators a number of years ago but that are not such an issue now.
She said: “I think we are well placed in Guernsey within regulatory framework to both influence the standards that have been developed but also to meet those standards because in Guernsey we have always regulated reinsurers where as other jurisdictions haven’t so they are catching up with that.”
“I do think it is important for Guernsey to be in the forum so we can influence those standards as they develop.”
