Guernsey Regulator Introduces New Rules For Insurers
by Jason Gorringe, Lowtax.net, London
01 March, 2016
From April 1, 2016, licensed insurers will need to comply with the principles contained in a new appendix to Guernsey's Code of Corporate Governance.
The new appendix includes more specific principles, which apply exclusively to licensed insurers, rather than the general principles contained in the Code. The Commission said it recognizes that there will be different approaches to meeting these principles, depending upon the nature, scale, and complexity of the business.
Licensed insurers with financial years commencing prior to April 1, 2016, may continue to apply the existing Licensed Insurers' Corporate Governance Code until the end of their financial year.
The introduction to the Code has also been updated with some minor changes necessary to insert the new appendix. The Code, guidance, and the existing appendices 1 and 2 – covering principal managers, closed-ended-fund managers, and funds, and banks, respectively – remain unchanged.
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