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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

declaration stating that the insurer has complied with the IBL during the financial period. GFSC reviews insurersannual returns and has customised review checklists for different types of insurers and assigned risk ratings and may raise any issues with the insurer or insurance manager. GFSC has taken a policy decision not to require more frequent submission of returns, e.g., quarterly on the basis that the insurance market comprises largely captive insurers. Where there are supervisory concerns, GFSC may require insurers to provide further or more frequent reporting, e