Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles

International Monetary Fund

No 2011/002, IMF Staff Country Reports from International Monetary Fund

Abstract: 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).

Keywords: 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 (search for similar items in EconPapers)
Pages: 61
Date: 2011-01-14
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