Guernsey To Announces Small Regulatory Fee Hike
by Jason Gorringe, Lowtax.net, London
25 July, 2016
Guernsey's financial services regulator, the Guernsey Financial Services Commission, is proposing to increase 2017 licence fees paid by firms by about two percent.
The proposal is contained in a consultation paper, which invites feedback from interested parties by August 31, 2016.
One significant change that is being proposed is an increase of approximately 50 percent in application and annual fees for international commercial general insurers and reinsurers. A corresponding reduction of approximately 50 percent is proposed for Insurance-Linked Securities (ILS) business.
The reduced fees recognize that ILS business is fully collateralized and therefore presents a lower regulatory risk, says the paper. A competitive regulatory fee is seen as important for the development of this area of the market.
Commission Chairman, Cees Schrauwers, said: "This will be the fifth year in succession where the Commission has proposed fee increases of two percent or less. It remains our intention to continue to focus on strong cost control and ensure that future fee increases are set at modest levels with a view to helping our firms remain competitive."
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