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ARTICLE · 27 FEBRUARY 2017

New Rules As Guernsey Evolves Its ILS Regime

Guernsey Finance
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The streamlined application process now allows new insurers to be established within one business day.

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New rules for Special Purpose Insurers (SPIs) in Guernsey demonstrate the jurisdiction's intention to remain at the forefront of growth in the insurance-linked securities (ILS) sector, writes Dominic Wheatley of Guernsey Finance.

The Insurance Business (Special Purpose Insurer) Rules 2016 came into effect on 1 January 2017 and see the Guernsey Financial Services Commission (GFSC) clarify the regulatory treatment of collateralized reinsurance, including ILS.

The rules allow an applicant for the licensing of a new SPI to be granted a single consent for the formation of further SPIs without call for further application. The streamlined application process now allows new insurers to be established within one business day.

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