Lloyds of London Granted License In Guernsey

by Robert Lee, Tax-News.com, London

12 January 2009

The Guernsey Financial Services Commission has announced that a licence has been issued to Lloyd’s of London that enables Lloyd’s underwriters to carry on insurance business in Guernsey.

The licence permits general insurance business (including domestic business) to be written in or from within the Bailiwick.

The Commission is urging any Lloyd’s underwriter wishing to establish a physical presence in Guernsey to contact the regulator for further details of the regulatory process.

Underwriters already underwriting business under the recognised insurer framework through locally licensed intermediaries will not experience any change in regulation.

Peter Neville, Director General at the Guernsey Financial Services Commission said: “The Commission has been working closely with Lloyd’s over the past few months. Lloyd’s is the world’s leading insurance and reinsurance market and the granting of this licence is excellent news both for Lloyd’s and for Guernsey.”

New regulations were approved by the States of Guernsey on November 3 and signed by the Commission’s Chairman on November 7.

The new framework will allow Lloyd’s syndicates to establish a physical presence in Guernsey under the jurisdiction's Insurance Manager regulatory framework.

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