Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles

January 14, 2011

Preview Citation

Format: Chicago

Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles, (USA: International Monetary Fund, 2011) accessed November 23, 2024

Summary

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).

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Crime, Financial institutions, Financial sector policy and analysis, Insurance, Insurance companies, Legal support in revenue administration, Revenue administration, Solvency

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), CR, Due diligence, Global, Insurance, Insurance companies, Insurance industry, Insurance intermediary, Insurance manager, Insurance risk, Investment strategy, ISCR, Legal support in revenue administration, Life insurer, Market practitioner, Reviews insurers' annual, Risk assessment, Risk matrix, Senior management, Solvency

Publication Details

Pages:

61
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/002
Stock No:

1GGYEA2011002
ISBN:

9781455213757
ISSN:

1934-7685

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