Regulatory Alerts2025-05-08
Added · Updated
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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