Regulatory Alerts2018-11-30
Insurer Annual Returns Thematic Review 2018
The Guernsey Financial Services Commission issued a thematic review of insurer annual returns to assess the completeness and accuracy of regulatory reporting submitted via its online portal. The review identified significant error rates in key figures and solvency assessments, raising concerns about the effectiveness of licensee controls and external auditor verification procedures. Consequently, the Commission intends to require self-certification of reporting controls by insurance managers and will issue further guidance to improve consistency and data quality.
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