Regulatory Alerts2025-05-08
Guernsey Financial Services Commission Feedback Paper on Rules for Retail General Insurers
The Guernsey Financial Services Commission issued this feedback paper to finalize updated rules for Retail General Insurers following a March 2023 consultation. The revised regulations impose stricter governance standards, including mandatory in-person board attendance in Guernsey and an increase in Independent Non-Executive Directors. Additionally, the Commission raised the minimum capital floor to £250,000 and introduced enhanced solvency reporting and internal audit requirements to better protect policyholders.
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