Originally published in Solvency II Wire, 27 February 2012
The European Commission recently announced the second wave of
countries interested in Solvency II equivalence. However, some
jurisdictions have chosen a different way. Fiona Le Poidevin,
Deputy Chief Executive of Guernsey Finance, explains why the Island
has chosen to say no to equivalence.
The uncertainty surrounding the introduction of Solvency II and
its practical implications for the insurance industry is causing
some angst around Europe. However, in Guernsey, we have opted for
certainty. The Island is not part of the EU so we are not required
to adopt the regulation and our Government and the financial
services regulator issued a joint statement in January 2011 to say
that the Island doesn't have any plans to seek equivalence
under Solvency II.
