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ARTICLE · 28 JUNE 2023

Lending By Insurers

Carey Olsen
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Many Guernsey-licensed insurance companies extend loans to other companies in their group. Those lending activities are potentially subject to regulation under the new Lending...

GuernseyFinance and Banking
Christopher Anderson
Christopher Anderson
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Many Guernsey-licensed insurance companies extend loans to other companies in their group. Those lending activities are potentially subject to regulation under the new Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022. This briefing considers the impact of the Law on that lending activity.

Introduction

Parts of the Lending, Credit and Finance (Bailiwick of Guernsey) Law, 2022 ("Law") came into force on 1 January 2023.The Law introduces new licensing regimes for lending, credit and finance activities and provides UK-style consumer protection for retail and home borrowers. The Law replaces the registration regime under the Registration of Non- Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 ("RNFSB").This brings the Bailiwick into line with the latest Financial Action Task Force recommendations for the combatting of money laundering and terrorist financing and demonstrates the Bailiwick's commitment to compliance

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