GUERNSEY’S insurance industry has come out against IMF plans to make it pay for any future global banking bail-outs.

The stance taken by the Guernsey International Insurance Association, formerly known as the Guernsey Insurance Company Management Association, follows the announcement that the world’s 80 largest insurance groups had written to the G20 nations to protest at their industry’s inclusion in proposals to make all financial institutions pay for any future crisis.

The Association of British Insurers has also railed against the plans with director-general Kerrie Kelly stating that the inclusion of insurers within the scope of the levies designed to impact on banks was ‘essentially inappropriate and not justified’.

Dominic Wheatley (pictured), chairman of the GIIA, said the local group concurred with that view.

‘Measures need to be appropriate to the nature of the business and the risks it faces.’

• Read the full story in the Guernsey Press. See below for subscription details.