Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 08 DECEMBER 2020

GFSC Introduces ‘fast Track' Pre-authorisation For Insurance Cells

Guernsey Finance
Explore more from Guernsey Finance

Guernsey's regulator has introduced a pilot scheme for pre-authorisation for insurance cells, and it has already been used for the first time.

GuernseyFinance and Banking
Guernsey Finance
Guernsey Finance
Author LinkedIn connections

Guernsey's regulator has introduced a pilot scheme for pre-authorisation for insurance cells, and it has already been used for the first time.

The move, made in consultation with the Guernsey insurance industry and its representative body GIIA, the Guernsey International Insurance Association, offers a pre-authorisation scheme that permits just-in-time creation of new captive cells in existing protected cell companies. The pilot is expected to run until the end of 2021.

Artex in Guernsey has already implemented a captive cell solution within 48 hours.

The Guernsey Financial Services Commission (GFSC) said: "We are happy to work with industry on this type of initiative in instances where it can be done without endangering policyholder protections."

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Guernsey Private Investment Funds (PIFs): A Complete Guide

The 2025 Private Investment Fund Rules introduced by the Guernsey Financial Services Commission represent a significant regulatory shift, expanding eligible investor categories while removing previous requirements for managers and auditors. This comprehensive guide examines the streamlined application process, investor qualification criteria, and structural flexibility that position Guernsey PIFs as a competitive quick-to-market fund option for sophisticated investors and family offices.
GuernseyFinance and Banking
Carey Olsen
Carey Olsen
Article

Guernsey Opens The Door To Greater Digital Finance Opportunities

The Guernsey Financial Services Commission has introduced regulatory amendments that will enable licensed firms to offer virtual asset services without requiring separate licensing, while also lifting restrictions on retail customer access. These changes, part of the Commission's Digital Finance Initiative, aim to reduce regulatory duplication and position Guernsey as a competitive jurisdiction for digital financial innovation.
GuernseyFinance and Banking
Guernsey Finance
Guernsey Finance
Article

Guernsey Strengthens Support For Finance Sector Innovation And Growth

Guernsey advances its position as a leading international finance centre through the expansion of its Innovation Sandbox and the introduction of a Finance Sector Concierge service. These initiatives aim to streamline regulatory engagement for innovative businesses and provide a coordinated entry point for prospective investors and entrepreneurs exploring opportunities in Guernsey's finance sector.
GuernseyFinance and Banking
Carey Olsen
Carey Olsen
Article

The Token Issuance Trust: A Trust-based Framework For Decentralised Token Ecosystems

The Token Issuance Trust offers a trust-based alternative to traditional corporate structures for Web3 protocols and DAOs, combining founder control with independent fiduciary oversight. This innovative framework enables protocols to hold assets, manage contracts, and support on-chain operations while preserving decentralisation principles. How can established trust law principles be adapted to meet the operational and governance requirements of decentralised token ecosystems?
GuernseyFinance and Banking
Walkers
Walkers