Guernsey’s Financial Services Commission has announced that it has been in talks recently to identify an appropriate structure to facilitate the growth of Lloyd’s business in Guernsey.
To this end, new regulations were approved by the States on November 3 and signed on November 7.
The new framework will allow Lloyd’s syndicates to establish a physical presence in Guernsey which will operate under Guernsey’s Insurance Manager regulatory framework. The agreement, signed by the Commission’s Chairman, is a significant step for Guernsey’s insurance and reinsurance market.
"The Commission would be happy to meet with any Lloyd’s member who wants to know more about the regulatory environment that will apply in Guernsey," a Commission statement announced.
Peter Neville, Director General of the Guernsey Financial Services Commission, said:
“We have been working for some time to develop an environment which would encourage Lloyd’s syndicates to increase their involvement in Guernsey. This is an excellent step forward and the interest that is being shown reflects the confidence that the Lloyd’s market has in the future of Guernsey as a place to carry on insurance and reinsurance business.”
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