{
  "title": "Guernsey: Financial Sector Assessment Program Update—Detailed Assessment of Observance on Insurance Core Principles",
  "publication": "IMF Staff Country Reports, January 14, 2011",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/guernsey-financial-sector-assessment-program-update-detailed-assessment-of-observance-on-24543",
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  "summary": "Guernsey’s status as the largest international insurance center in Europe hinges on its progressive infrastructure and operational flexibility.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Guernsey is described as the largest international insurance center in Europe, with status hinging on its progressive infrastructure and operational flexibility.\n- Guernsey updates its regulatory regime continually and has implemented all the recommendations arising from the 2003 Offshore Financial Center (OFC) assessment.\n- The updated regulatory framework has a high level of observance with the Insurance Core Principles (ICPs)."
    },
    {
      "heading": "Key findings",
      "content": "- The Guernsey Financial Services Commission (GFSC) should expand its range of enforcement powers.\n- The GFSC should implement the public disclosure standards established by the International Association of Insurance Supervisors (IAIS).\n- The mission advised the GFSC to continually assess the practical implementation of Own Solvency Capital Assessment (OSCA)."
    },
    {
      "heading": "Policy recommendations",
      "content": "- Expand GFSC enforcement powers to strengthen supervisory effectiveness.\n- Implement IAIS public disclosure standards to improve transparency and market discipline.\n- Institute ongoing assessment mechanisms for practical implementation of OSCA across insurers."
    },
    {
      "heading": "Additional notes",
      "content": "- Publication date: January 14, 2011.\n- The assessment is presented as an IMF Staff Country Report.\n\nSource: Guernsey: Financial Sector Assessment Program Update—Detailed Assessment of Observance on Insurance Core Principles (IMF Staff Country Reports), January 14, 2011.\n\n---\n\n Content in this bundle\n\n- cr1102 - Executive Summary\n  - cr1102 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1102 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 14, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781455213757.002",
    "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).",
    "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).",
    "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.",
    "Publication date: January 14, 2011.",
    "The assessment is presented as an IMF Staff Country Report.",
    "**_cr1102 - Executive Summary**"
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