Guernsey's parliament has agreed that legislation should be prepared to enable the Commission to supervise the market conduct of insurance intermediaries and some insurers who are not currently registered.
The intention is to safeguard the interests of the insured and the Island's reputation as a well-regulated jurisdiction. It is also seen as setting minimum standards of conduct for intermediaries and insurers serving Guernsey customers.
The principal recommendation is that anyone, not already authorised or registered with the Commission, will have to register if, in or from Guernsey, they advise others on their insurance requirements for direct or indirect reward.
The law will also require the registration of 'industrial and commercial consultants' - insurance advisers who are not insurers or insurance managers and who do not deal with the general public.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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