Regulatory Alerts2024-02-15
Insurance Managers Rules and Guidance, 2021 - Consolidated
The Guernsey Financial Services Commission issued the consolidated Insurance Managers Rules, 2021, which replace previous licensing, client monies, and conduct regulations under the Insurance Managers and Insurance Intermediaries Law. The document mandates strict licensing application requirements, including detailed ownership structures and business plans, while establishing minimum capital thresholds of £25,000 or £100,000 depending on whether the manager handles general retail insurers. It further imposes comprehensive conduct of business obligations, such as client assessments, professional indemnity insurance minimums, and rigorous complaint handling procedures for licensed insurance managers.
Share