Guernsey FSC To Promote International Captive Insurance Industry

by Jason Gorringe, Tax-News.com, London

07 July 2004

The Guernsey Financial Services Commission has been handed the responsibility of promoting interest in, and understanding of, the international captive insurance industry.

The GFSC was given the task during a recent meeting of the International Association of Insurance Supervisors in Oslo, and Alan Fleming, Director of Insurance at the Commission, noted that it was “very encouraging” how the IAIS recognised the need for greater information and education about captive insurance.

“I have been tasked with co-ordinating an issues paper, which will be presented to the IAIS Technical Committee,” explained Mr Fleming, adding:

“In doing this, I will be working closely with members of the Offshore Group of Insurance Supervisors. It is good that some major jurisdictions including the UK, Singapore and some US States have also agreed to contribute to the document."

Meanwhile, Peter Neville, Director General of the Commission, who also attended the IAIS meetings, commented: “I am very pleased by the initiative Alan has taken and by the IAIS support. The IAIS is the international body for setting insurance supervisory standards.”

Mr Neville continued: “In addition to the captive initiative, a major focus at the meetings last week was a guidance paper on anti-money laundering. The Commission has contributed significantly to the drafting of this paper."

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