Regulatory Alerts2018-10-18
Guernsey Financial Services Commission Guidance Note on Insurance Fraud
The Guernsey Financial Services Commission issues this guidance to require insurers, captive managers, and intermediaries to establish robust internal controls and risk management systems to detect and prevent insurance fraud. The document mandates specific procedures including risk assessments, staff training, and the appointment of compliance officers to address internal, policyholder, and intermediary fraud risks. It further stipulates strict reporting obligations for suspected fraud and money laundering, requiring notifications to the Financial Investigation Unit and the Commission under defined circumstances.
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