Guernsey Insurance Industry – Governance, Risk and Compliance
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Guernsey Insurance Industry Regulation Overview
The insurance industry in Guernsey is regulated by the Guernsey Financial Services Commission (GFSC). The other bodies that oversee the market are the International Association of Insurance Supervisors (IAIS) and the Guernsey International Insurance Association (GIIA).
The Guernsey Insurance Industry Governance Regulation research report provides a detailed analysis of the regulations for several insurance types including life, property, motor, and liability. The report also gives insights into recent and upcoming changes in non-admitted insurance regulations, taxation, and the legal system. Also, leverage our elaborate procedural review of new company registrations and operations based on key parameters such as license, FDI, minimum capital requirements, and solvency to better understand market avenues.
Key Regulators | · Guernsey Financial Services Commission (GFSC)
· International Association of Insurance Supervisors (IAIS) · Guernsey International Insurance Association (GIIA) |
Compulsory Insurances | · Motor third-party Liability Insurance
· Marine Liability Insurance · Social Security Insurance · Professional Liability Insurance |
Key Taxes | · Tax on Insurance Premium
· Corporate Income Tax · Corporate Capital Gains Tax · Value Added Tax |
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Guernsey Insurance Industry – Key Regulators and Legislation
Guernsey Financial Services Commission (GFSC): The GFSC regulates the industry and its competence rights are stipulated in the FSC Law. The key functions of the GFSC are include taking the necessary steps for the development and effective supervision of insurance business and providing reports, advice and assistance on any matters connected with finance business. It is also responsible for establishing a rapidly responding and transparent regulatory system among others.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
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Guernsey Insurance Industry - Compulsory Insurance
Some of the key compulsory insurance required within the Guernsey insurance industry are:
- Motor third-party Liability Insurance
- Marine Liability Insurance
- Social Security Insurance
- Professional Liability insurance
Guernsey Insurance Industry Analysis by Compulsory Insurances
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Guernsey Insurance Industry - Company Registration and Operation
Insurers and intermediaries are required to obtain a license to operate in the country. According to the IBL 2002, insurance intermediaries are required to obtain authorization in order to operate insurance activities. However, reinsurers are allowed to operate without obtaining a license in Guernsey.
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Guernsey Insurance Industry – Taxation
Tax is imposed upon insurance premiums within the insurance industry in Guernsey. The other taxes imposed are Corporate Income Tax (CIT), Corporate Capital Gains Tax, and Value Added Tax.
Corporate Income Tax: For tax purposes, a company is considered a resident company if it is incorporated in Guernsey and it is controlled in Guernsey by virtue of shareholding and voting rights. Resident companies are taxed on their worldwide income and non-resident companies on their income generated in Guernsey. From January 1, 2013, domestic insurance businesses, insurance managers, insurance intermediary businesses, and fiduciary businesses among others are subject to corporate income tax at a rate of 10%. However, the international insurance business carried out from the territory is exempt from corporate income tax.
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Scope
This report provides:
- Details of the insurance regulatory framework in Guernsey.
- Details of the rules and regulations governing insurance products and insurance entities.
- Lists and analysis of key trends and developments in the country’s insurance regulatory framework.
- Analysis of the rules and regulations on the establishment and operation of insurance businesses in the country.
- Details of the taxation imposed on insurance products and insurance companies.
Key Highlights
- The Guernsey Financial Services Commission regulates the industry.
- 100% FDI is permitted in the Guernsey insurance industry.
- Compulsory lines include third-party liability insurance for motor vehicles, surfboards, vessels, speedboats, and steam boilers, professional indemnity insurance for intermediaries, and insurance managers in Guernsey.
- Composite insurance is not permitted in the Guernsey insurance industry.
- Non-admitted insurance is prohibited in the Guernsey insurance industry.
Reasons to Buy
- Insights into the insurance regulatory framework in Guernsey.
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Track the latest regulatory changes and expected changes impacting the Guernsey insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices on various types of insurance products.
Table of Contents
Table
Frequently asked questions
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Which is the key regulator of the Guernsey insurance industry?
The Guernsey Financial Services Commission (GFSC) is the key regulator of the Guernsey insurance industry.
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Which are the other bodies that oversee operations in the Guernsey insurance industry?
The International Association of Insurance Supervisors (IAIS) and the Guernsey International Insurance Association (GIIA) among others oversee the Guernsey insurance industry.
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Which are the compulsory insurances required within the Guernsey insurance industry?
Some of the compulsory insurances required within the Guernsey insurance industry are motor third-party liability insurance, marine liability insurance, professional liability insurance, and social security insurance among others.
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What are the types of taxes imposed upon the Guernsey insurance industry?
Tax is imposed upon insurance premiums within the insurance industry in Guernsey. The other taxes imposed are Corporate Income Tax, Corporate Capital Gains Tax, and Value Added Tax.
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