Insurance

Changes to how the Commission distributes Annual Fee Invoices to Licensees and Registrants

The Commission is changing the way it distributes its annual license fee invoices, starting with the 2021 fees. Email addresses for all regulated and registered entities have been prepared and if you wish to check which email address the Commission holds for your firm please contact accounts@gfsc.gg. The Commission will no longer be distributing annual …

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Engagement on the draft amendments to Insurance Business (Bailiwick of Guernsey) Law, 2002 (the “Insurance Business Law”)

On the 30th of October 2015 the States of Deliberation approved the Policy Letter submitted by the Policy Council on the Revision of the Financial Supervisory and Regulatory Laws. Following approval of this, the Law Officers and the Commission, with the assistance of members of industry, have now produced an Ordinance amending the Insurance Business Law …

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Consultation Paper on Proposals for a Green Investment Discount for Life Insurer Capital Requirements

The GFSC has issued a consultation paper seeking views from interested parties on proposed amendments to the Insurance Business (Solvency) Rules, 2015. The proposed amendments would introduce a “Green Discount”, which would reduce the capital requirements applicable to the green fixed income assets of life insurers. Additional measures would be put in place to ensure …

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Global Insurance Group Limited (“GIGL”), Christopher Schofield, Andrew William Robert

On 8 June 2020, the Guernsey Financial Services Commission (the “Commission”) decided: To make a public statement under section 11C of the Financial Services Commission Law & to impose a financial penalty of; £42,000 under section 11D of the Financial Services Commission Law on GIGL; £17,500 under section 11D of the Financial Services Commission Law …

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LIBOR Transition

International supervisory bodies have reaffirmed plans to transition away from LIBOR to alternative reference rates (for example; SONIA or SOFR) and, advise that firms should assume that LIBOR will no longer be published beyond the end of 2021. Provisions to transition to alternative rates should be made well in advance of this date. Guernsey regulated …

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Financial Crime Risk Return 2020

The Financial Crime Risk Return (“the Return”) for the reporting period 1 July 2019 to 30 June 2020 will be available for completion on the Online Submissions Portal in July 2020. The submission deadline is 31 October 2020. All firms required to complete the Return should consult the following documents before submission: Financial Crime Risk …

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