Regulatory Alerts2021-10-21
Guidance Note on Licensed Insurers' Own Solvency Assessment
The Bailiwick of Guernsey Financial Services Commission issues this guidance to clarify the methodology and requirements for licensed insurers conducting Own Risk and Solvency Assessments. The document mandates that insurers perform an Own Solvency Capital Assessment alongside risk management and capital adequacy evaluations, with specific exemptions and simplified procedures available for certain low-risk or dormant entities. Insurers must submit these assessments annually with their annual returns and are required to incorporate stress testing, forward-looking quantitative techniques, and contingency planning to ensure ongoing solvency compliance.
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