1 REGULATORY
1.1 Which government bodies/agencies regulate insurance (and
reinsurance) companies?
The regulation of financial services business in the Bailiwick
of Guernsey, including insurance and reinsurance activities and
related insurance intermediary activities, is carried out by the
Guernsey Financial Services Commission (GFSC). The primary
legislation relating to the supervision and licensing of insurers
and reinsurers by the GFSC is the Insurance Business (Bailiwick of
Guernsey) Law, 2002, as amended (IBL).
The Bailiwick of Guernsey includes the Islands of Sark, Alderney
and Herm for the purposes of regulation of insurance and
reinsurance activity.
The GFSC also has responsibility for the regulation of insurance
managers, brokers and other insurance intermediaries under the
provisions of the Insurance Managers and Insurance Intermediaries
(Bailiwick of Guernsey) Law, 2002, as amended (IMIL). The provision
of reinsurance brokerage services in Guernsey
