Guernsey: Financial Sector Assessment Program Update—Detailed Assessment of Observance on Insurance Core Principles
IMF Staff Country Reports, January 14, 2011
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- Guernsey: Financial Sector Assessment Program Update—Detailed Assessment of Observance on Insurance Core Principles
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Bibliographic details
- Published: January 14, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455213757.002
Overview
- Guernsey is described as the largest international insurance center in Europe, with status hinging 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).
Key findings
- The Guernsey Financial Services Commission (GFSC) should expand its range of enforcement powers.
- The GFSC should 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).
Policy recommendations
- Expand GFSC enforcement powers to strengthen supervisory effectiveness.
- Implement IAIS public disclosure standards to improve transparency and market discipline.
- Institute ongoing assessment mechanisms for practical implementation of OSCA across insurers.
Additional notes
- Publication date: January 14, 2011.
- The assessment is presented as an IMF Staff Country Report.
Source: Guernsey: Financial Sector Assessment Program Update—Detailed Assessment of Observance on Insurance Core Principles (IMF Staff Country Reports), January 14, 2011.
Content in this bundle
- _cr1102 - Executive Summary