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ARTICLE · 18 MAY 2012

Solvency II? There Is Another Way For Your Insurance Business

Guernsey Finance
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Fiona Le Poidevin, Deputy Chief Executive of Guernsey Finance, explains why the Island has decided not to seek equivalence with the EU’s proposed regulatory regime for insurers and reinsurers, Solvency II.

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Originally published in Worldwide Risk Solutions, May 2012

Fiona Le Poidevin, Deputy Chief Executive of Guernsey Finance, explains why the Island has decided not to seek equivalence with the EU's proposed regulatory regime for insurers and reinsurers, Solvency II.

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.

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