Jeremy Ellis of Saffery Champness discusses the importance of
corporate governance from the perspective of an auditor.
Captive Review (CR): Do you think the demands of recent
regulations will lead to better corporate governance for captives?
Why or why not?
Jeremy Ellis (JE): There is a consultation
paper circulating in Guernsey which aims to follow the core
principles of the International Association of Insurance
Supervisors (IAIS). Guernsey needs to keep pace with emerging
international standards in insurance regulations and these could
potentially have an impact on captives. Most people will understand
the link between operating in a highly-regulated environment and
the need to observe corporate governance standards. However,
captives are not quite the same as other entities so not everything
will apply across the board. Regulators need to look at captives
slightly differently – it's not a one size fits all
approach.
