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

_IMF Staff Country Reports, January 14, 2011_

## Source details

**Canonical URL:** [Guernsey: Financial Sector Assessment Program Update—Detailed Assessment of Observance on Insurance Core Principles](https://www.imf.org/en/publications/cr/issues/2016/12/31/guernsey-financial-sector-assessment-program-update-detailed-assessment-of-observance-on-24543)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/guernsey-financial-sector-assessment-program-update-detailed-assessment-of-observance-on-24543/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/guernsey-financial-sector-assessment-program-update-detailed-assessment-of-observance-on-24543/index.json)
- [Bundle manifest](/en/publications/cr/issues/2016/12/31/guernsey-financial-sector-assessment-program-update-detailed-assessment-of-observance-on-24543/bundle-manifest.json)

## 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**
  - [_cr1102 - Executive Summary (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1102.pdf.md){rel="alternate" type="text/markdown"}
  - [_cr1102 - Executive Summary (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1102.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/guernsey-financial-sector-assessment-program-update-detailed-assessment-of-observance-on-24543_