Regulatory Alerts2022-02-08
Guernsey Financial Services Commission Thematic Review 2021: Reinsurance and Other Forms of Risk Transfer
The Guernsey Financial Services Commission issued a thematic review assessing licensed insurers' adherence to its 2018 Guidance Note on reinsurance and risk transfer. The review identified significant compliance gaps, including inadequate policies, failure to assess reinsurer creditworthiness, and poor contract management practices. The Commission warns that such deficiencies create unnecessary risk for policyholders and will result in direct regulatory engagement to mitigate identified issues.
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