Regulatory Alerts2020-11-23
Guidance Note on Producer Owned (Re)Insurance Companies
The Guernsey Financial Services Commission issued this guidance to address conflicts of interest inherent in Producer Owned Reinsurance Companies (PORCs) and Producer Owned Insurance Companies (POICs). Regulators require applicants to identify, manage, and disclose potential conflicts to ensure policyholders are treated fairly and provide informed consent. The Commission will scrutinize underwriting controls, commission levels, and capital adequacy, while imposing specific disclosure requirements on EU-based producers to maintain transparency.
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