Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles
Volume/Issue:
Volume 2011
Issue 002
Publication date: January 2011
ISBN: 9781455213757
$20.00
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Topics covered in this book
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Finance , Public Finance , ISCR , CR , insurance manager , risk assessment , insurance intermediary , life insurer , due diligence , investment strategy , market practitioner , risk matrix , insurance risk , senior management , reviews insurers' annual , insurance industry , Insurance companies , Insurance , Solvency , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Legal support in revenue administration , Global
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Summary
Guernsey’s status as the largest international insurance center in Europe hinges on its progressive infrastructure and operational flexibility. Guernsey updates its regulatory regime continually and has implemented all the recommendations arising from the 2003 Offshore Financial Center (OFC) assessment. The updated regulatory framework has a high level of observance with the Insurance Core Principles (ICPs). The Guernsey Financial Services Commission (GFSC) should expand its range of enforcement powers and also implement the public disclosure standards established by the International Association of Insurance Supervisors (IAIS). The mission advised the GFSC to continually assess the practical implementation of Own Solvency Capital Assessment (OSCA).
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