Regulatory Alerts2021-10-21
Guidance Note on Special Purpose Insurers
The Guernsey Financial Services Commission issued this guidance to clarify regulatory requirements for Special Purpose Insurers under the Insurance Business Rules 2021. The document establishes that these entities must be fully collateralized and are exempt from standard solvency capital requirements, subject instead to specific monitoring and reporting obligations. It further details application procedures, collateral standards, and rules regarding business plan changes, cell recycling, and fee structures.
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