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Daily Insurance Industry News
Saturday 21st of July 2018
January 25, 2011

Guernsey side steps Solvency II

by Gill Montia

Story link: Guernsey side steps Solvency II

The Guernsey Financial Services Commission (GFSC) has issued a joint statement with the States of Guernsey Commerce and Employment Department, saying that the island’s authorities have no plans to seek equivalence under Solvency II.

According to the Commission, Guernsey remains committed to meeting internationally accepted regulatory standards as set by the IAIS.

These will be changing in 2011, to take account of latest developments on risk-based solvency, and Guernsey’s regulatory regime will be amended according to developments, with the changes taking account of the nature of its insurance sector.

Full consultation with the industry will take place and developments on Solvency II will be monitored with a view to determining whether or not full or partial equivalence may be beneficial.

Before any decision is made as to whether Guernsey should seek equivalence, the Department and the GFSC will consult with the insurance industry to ensure that the implications are fully understood.

 

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