Regulation of Guernsey’s insurance industry is meeting current international standards, according to a report published by the International Association of Insurance Supervisors (IAIS).
The report states that Guernsey has “a high level of observance of current international standards.”
An official statement from Guernsey Finance, the promotional agency for the island’s finance industry, says the report highlights high supervisory standards and a drive to be competitive on cost.
“This report is a welcome endorsement of the strength of our important insurance industry and of a regulator who is seen as approachable, pragmatic and flexible,” said Dominic Wheatley, Chief Executive of Guernsey Finance.
Guernsey Finance, Chairman Dr Cees Schrauwers added, “We are pleased to receive the report from IAIS.”
“The assessment provides a high-quality update to the 2010 IMF assessment of our observance of international standards, and it gives international counterparties assurance they may place reasonable reliance on the Bailiwick’s regulatory standards and those of the firms operating under them.”
Jonathan Dixon, IAIS Secretary General, said, “The IAIS conducts assessments as a core function of its implementation programme.
“They help members identify the nature and extent of any areas for improvement or gaps in their supervisory and regulatory frameworks and promote understanding and observance of IAIS supervisory material.”
