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Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles

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  • International Monetary Fund

Abstract

Guernsey’s status as the largest international insurance center in Europe hinges on its progressive infrastructure and operational flexibility. Guernsey updates its regulatory regime continually and has implemented all the recommendations arising from the 2003 Offshore Financial Center (OFC) assessment. The updated regulatory framework has a high level of observance with the Insurance Core Principles (ICPs). The Guernsey Financial Services Commission (GFSC) should expand its range of enforcement powers and also implement the public disclosure standards established by the International Association of Insurance Supervisors (IAIS). The mission advised the GFSC to continually assess the practical implementation of Own Solvency Capital Assessment (OSCA).

Suggested Citation

  • International Monetary Fund, 2011. "Guernsey: Financial Sector Assessment Program Update-Detailed Assessment of Observance on Insurance Core Principles," IMF Staff Country Reports 2011/002, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2011/002
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    Cited by:

    1. Andrew Godwin & Timothy Howse & Ian Ramsay, 2017. "A jurisdictional comparison of the twin peaks model of financial regulation," Journal of Banking Regulation, Palgrave Macmillan, vol. 18(2), pages 103-131, April.
    2. Finan, Kevin & Lasaosa, Ana & Sunderland, Jamie, 2013. "Tiering in CHAPS," Bank of England Quarterly Bulletin, Bank of England, vol. 53(4), pages 371-378.
    3. International Association of Deposit Insurers, 2015. "Enhanced Guidance for Effective Deposit Insurance Systems: Multiple Deposit Insurance Organizations," IADI Guidance Papers 15-05, International Association of Deposit Insurers.

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