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The Guernsey
Insurance Business Law Review Steering Group met for the first
time this week to discuss any potential changes to the law
that may be necessary prior to the International Monetary
Fund’s (IMF) next scheduled visit to the island in June 2008.
The group
comprises representatives from the regulator and the industry
and is looking at changes to the law that regulates all
Guernsey insurers that may be
necessary to address any issues raised by the Guernsey
Financial Services Commission (GFSC) or the industry in the
four years since the law was introduced.
The group
also has the role of ensuring compliance with the revised
insurance core principles as issued by the International
Association of Insurance Supervisors (IAIS core principles).
Steering
group member Merise Wheatley, chairman of the Guernsey
Insurance Company Management Associations, said: “The changes
will serve to ensure that Guernsey’s insurance sector will
be well placed ready for the IMF’s next assessment of
Guernsey’s regulatory and
criminal justice system in June 2008.
“The IMF
assessment will evaluate
Guernsey's regulatory system
against various standards, including the IAIS Core Principles
and the recommendations of the international anti-money
laundering body, the Financial Action Task Force (FATF).”
The steering
group will meet over the next six months with a view to
bringing in any recommended changes next year.
Wheatley
said she did not anticipate any major changes to the law as a
result of the review. |
