Guernsey's Fast Track Pre-Authorisations Expected To Help Boost Captive Formations In 2021

Early success of Guernsey's pilot fast-track pre-authorisation of insurance cells scheme is expected to help to drive the formation of more captives in the island during 2021.

That was the clear message at Guernsey Finance's Captive Briefing webinar, where a panel of experts discussed the current state of the industry and forthcoming developments in 2021.

Caroline Bradley, Deputy Director of the Authorisations and Innovation Division at the Guernsey Financial Services Commission, said she hoped that the pilot scheme, introduced by the regulator at the end of last year, would enable captives to respond quickly in the current market.

She said the GFSC expected something different from a captive than it would from a commercial insurer.