Regulation of Guernsey's insurance industry is meeting
current international standards, according to a report published by
the International Association of Insurance Supervisors (IAIS).
The report states that Guernsey has "a high level of
observance of current international standards". It highlights
the island's continuing success in keeping pace with
developments in Insurance Core Principles (ICPs), and the
investment that has been made in the continuing enhancement of
supervision. The Insurance Core Principles provide a
globally-accepted framework of principles, standards and guidance
for the regulation and supervision of the insurance sector.
The Guernsey Financial Services Commission (GFSC) is an active
member of IAIS, which promotes cooperation among insurance
supervisors worldwide. The Guernsey report is the first time it has
provided a member with in-depth feedback on the implementation of
ICPs.
