GFSC proposes changes to how it regulates insurers
Wednesday 25th September 2013, 10:00AM BST.
UPDATES to the regulation of insurers in the island are being proposed by the Guernsey Financial Services Commission.
The consultation paper proposes a new solvency framework and introduces new rules in relation to corporate governance and public disclosure, all developed in line with emerging international standards.
‘The commission is committed to meeting international standards to ensure the continuing credibility of Guernsey as an international financial services centre,’ said Jeremy Quick, pictured, director of the commission’s banking and insurance supervision and policy division.
‘We acknowledge it is important that the implementation of those standards takes account of the economic wellbeing of the industry and the Bailiwick.’