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ARTICLE · 27 JULY 2023

Policyholder Protection In Guernsey

Carey Olsen
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Guernsey has introduced significant new protection for insurance policyholders. Claims by policyholders of a Guernsey-licensed insurance company...

GuernseyInsurance
Christopher Anderson
Christopher Anderson
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Guernsey has introduced significant new protection for insurance policyholders. Claims by policyholders of a Guernsey-licensed insurance company shall have priority over other creditors in the event of the insolvency or liquidation of that insurer. The recent change brings Guernsey into line with other jurisdictions with significant insurance business such as the UK.

On 25 April 2023, Guernsey introduced the Preferred Debts (Insurance Policyholders) (Bailiwick of Guernsey) Amendment Ordinance, 2023. That Ordinance effects changes to the Preferred Debts Law, 1983, which accords priority to certain preferred creditors in the event of insolvency.

Full details of Guernsey's insolvency regime can be found here. In summary, preferential debts in Guernsey now include:

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