Guernsey Maintaining Captive Insurance Quality

Guernsey's decision not to seek equivalence with Solvency II should not be seen as a sign its regulations are in any way lower quality than other jurisdictions, according to Martin Le Pelley, the immediate past chairman of the Guernsey International Investment Association.

When Martin Le Pelley became chairman of the Guernsey International Insurance Association (GIIA) in 2011, the island's insurance industry was very much in the process of redefining itself in relation to the outside world, particularly in relation to the rest of Europe. Indeed, Le Pelley took up his new role just as Guernsey was debating Solvency II equivalence.

"It was an interesting time as the insurance industry was against the idea, but the regulator was in favour. Thankfully the GIIA, as the industry trade body, was able to persuade the decision makers to hold back on seeking equivalence as it was clear it was not appropriate as a regulatory regime for the Guernsey insurance market," he