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Guernsey rejects Solv II equivalence

Tuesday 25 January 2011 - by Will Henley

Authorities in Guernsey, the offshore financial centre, have said that they have no plans to seek equivalence under the EU's Solvency II review.

In a joint statement issued on Tuesday, the Guernsey Financial Services Commission and Commerce and Employment Department insist they remain focused on meeting international insurance standards.

However they say that they will consult with the jurisdiction's insurance industry before considering any changes.

"[We] will continue to monitor developments on Solvency II with a view to determining whether or not full or partial equivalence may be beneficial to Guernsey," the statement reads.

"Guernsey remains committed to meeting internationally accepted regulatory standards as set by the IAIS and endorsed by the G20. In 2011 the International Association of Insurance Supervisors' standards will be changing to take account of latest developments on risk based solvency."


"Obviously any changes to that regime will need to take account of the nature of, and be appropriate to, Guernsey's insurance industry."


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