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International Monetary Fund

Insurance Institute of Guernsey IBL Insurance Business (Bailiwick of Guernsey) Law, 2002 IMILL Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002 Commissioners Members of the Commission MOUs Memoranda of Understanding MCR Minimum capital requirement MLRO Money Laundering Reporting Officer OFC Offshore Financial Center ORSA Own Risk and Solvency Assessment OSCA Own Solvency Capital Assessment PC States of Jersey Policy

International Monetary Fund

structure and industry performance 7. The insurance industry in Guernsey comprises two distinct segments: domestic and international . At December 31, 2009 there were 699 insurance entities operating in Guernsey ( Table 1 ). There were 21 domestic insurers and 678 international insurers; the latter segment included 323 cells in protected cell companies (PCC) 2 and incorporated cell companies (ICCs.) 3 The industry is also well served by 21 insurance managers and 40 insurance intermediaries. Total premiums written by Guernsey insurers in 2008 amounted to £3.3 billion

International Monetary Fund

legislation for insurance companies is the Insurance Companies Ordinance and Regulations 1987; for insurance intermediaries and insurance managers it is the Financial Services Ordinance and Regulations 1989; European Union Directives are enacted through legislation. In addition, Insurance Guidance notes and newsletters are issued, all of which are available on the FSC web site. 5. During the assessment, discussions were held with an insurance manager, the manager of a domestic insurance company, an international insurance company, a domestic insurance agent, and an

International Monetary Fund
This paper examines Gibraltar’s Detailed Assessment Report of the Observance of the Insurance Core Principles. Foreign establishments operating in Gibraltar are all European Union (EU)-based and therefore covered by EU directives, including the directive on freedom of establishment. A key reason for the growth in this sector is the ability of firms licensed in Gibraltar to passport their services to EU member states. The domestic insurance market is, however, quite small with a population in the region of 30,000.
International Monetary Fund
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).
International Monetary Fund. Monetary and Capital Markets Department

Meeting QRTs Quarterly Quantitative Reporting Templates RCP Recovery Plan RFR Risk Free Rate RLD Retail Life Department RSR Regular Supervisory Reporting SCR Solvency Capital Requirement SF Standard Formula SIMR Senior Insurance Managers Regime SFCR Solvency and Financial Condition Report SRMP Systemic Risk Management Plan SRPC Supervision, Risk, and Policy Committee SS Supervisory Statement U.K. United Kingdom

International Monetary Fund

the work of overseas supervisors, highly skilled financial service providers, e.g., external auditors, lawyers, insurance managers, and other professionals . This reliance-based approach may be appropriate provided there is a full understanding of the relevant home and host regulatory systems and all parties have a common understanding of their responsibilities. To this effect, CIMA needs to draw up specific agreements with each home supervisor that make clear which risks are addressed by which supervisor according to whose rules, with the understanding that

International Monetary Fund

Services Business FT Financing Of Terrorism GAAP Generally Accepted Accounting Principles GAAS Generally Accepted Auditing Standards GFSC Guernsey Financial Services Commission GFSC Law Financial Services Commission (Bailiwick of Guernsey) Law, 1987, as amended IAIS International Association of Insurance Supervisors IB Law Insurance Business (Bailiwick of Guernsey) Law, 2002 IMII Law Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law, 2002

International Monetary Fund

market insurers 32 32 0 SPVs 18 45 27 Total Class B 613 777 164 Insurance intermediaries Insurance managers 25 26 1 Insurance brokers 24 32 8 Insurance agents 66 85 19 Total 755 948 193 Source: CIMA 31. The international segment accounted for more than 99 percent of total assets (US$ 35 billions) held by the insurance industry ( Table 1 ). Class B insurers reported gross written premiums (GWP) of US$7.7 billions for 2008 and