Regulatory Alerts2020-11-23
Code of Practice for Insurance Intermediary Applicants and Licensees Conducting Business from within the Bailiwick of Guernsey
The Guernsey Financial Services Commission issues this Code of Practice to regulate insurance intermediary applicants and licensees operating within the Bailiwick. The document mandates that licensees meet fit and proper standards, maintain a physical presence with locally staffed head offices, and adhere to strict organizational requirements including the four-eyes principle. It further requires compliance with money laundering legislation and specific conduct rules for business activities extending outside the Bailiwick.
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