Regulatory Alerts2021-10-21
Code of Practice for Branch Operations
The Guernsey Financial Services Commission issued this Code of Practice to regulate Branch Operations under The Insurance Business (Bailiwick of Guernsey) Law, 2002. It mandates that branches writing long-term business for non-residents must establish local management, appoint a general representative, and maintain separate accounts and assets within the Bailiwick. Applicants are required to submit detailed business plans and comply with Guernsey’s policyholder protection and prudential supervision requirements.
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