THE Guernsey International Insurance Association has backed the decision of the regulator not to seek equivalence under the Solvency II directive.

It was announced earlier this week in a joint statement by the Guernsey Financial Services Commission and the Commerce and Employment Department that there were no plans at the moment for the island to go down that route.

Instead Guernsey, which is the fourth largest captive insurance sector in the world and the biggest in Europe, will remain committed to meeting internationally-accepted regulatory standards as set by the International Association of Insurance Supervisors, which are endorsed by the G20, and monitor developments on Solvency II to see in future whether full or partial equivalence could be beneficial.

GIIA chairman Dominic Wheatley (pictured) said it was the right move.

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