Regulatory Alerts2020-02-06
Guernsey Financial Services Commission Thematic Review on Insurer Cash Management and Control of Funds
The Guernsey Financial Services Commission conducted a thematic review of cash management controls for 12 low-impact licensed insurers to address solvency and liquidity risks. The review found that while all firms maintained signatory lists and payment approval policies, significant gaps existed in documenting bank account opening procedures and maintaining adequate reconciliation records in Guernsey. The Commission emphasized that licensees must ensure internal policies are strictly followed, Board approvals are properly recorded, and all financial books and records are kept locally regardless of group operational structures.
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