Guernsey is hosting a seminar in London next month to showcase
the potential benefits it can offer as a captive insurance domicile
that is not seeking equivalence under Solvency II.
Guernsey is the largest captive insurance domicile in Europe but
it is not part of the European Union and therefore the Island's
authorities had to decide whether to seek equivalence under the
EU's proposed insurance and reinsurance regulatory regime,
Solvency II, which is due to come into effect from the beginning of
Peter Niven, Chief Executive of Guernsey Finance – the
promotional agency for the Island's finance industry, said:
"The decision not to seek equivalence under Solvency II is
based on the fact that under the current proposals, we would need
to adopt measures that might undermine the competitive nature of
our captive insurance industry.
"This event aims to provide clients and their advisers with
more information about why we have chosen this route and what it
means for them. I believe that this is an extremely good
opportunity for us to explore the key issues and in particular the
potential benefits that Guernsey will be able to offer as a captive
insurance domicile outside the scope of the Solvency II
The Solvency II seminar takes place from 4pm on Tuesday
14th June 2011 at the London Stock Exchange where
panellists will be Salil Bhalla, Vice-President and Portfolio
Manager at Chartis; Nick Wild, Managing Director of JLT Insurance Management in Guernsey; Jonathan
Groves, Captive Consulting Leader at Marsh; and Ian Morris, Partner and Head of
Insurance at BWCI in Guernsey.
Martin Le Pelley, Chairman of the Guernsey
International Insurance Association (GIIA) and who will
moderate the panel discussion, said: "It promises to be
extremely informative debate. Each of the panellists will be able
to offer a different perspective but what they all share is
enormous experience and expertise in the insurance market so I
expect some interesting discussions that clients and their advisers
will find very useful. However, I am also looking forward to some
interaction between the panellists and the delegates, which could
help provoke greater insight into the issues surrounding Solvency
Mr Niven added: "The decision not to seek equivalence with
Solvency II was a significant development for our insurance sector.
It was not taken lightly and indeed we will continue to monitor how
the process unfolds during the coming months to make sure that our
captive insurance industry is best placed for the future. This
event is very much part of our two-way communication with key
decision makers in the captive insurance community."
The Guernsey Solvency II seminar is titled 'Non-equivalence
– a route to opportunity?' and is free to attend. The
event starts from 4pm on Tuesday 14th June 2011 at the
London Stock Exchange, 10 Paternoster Square,
London EC4M 7LS. For further information or to book a delegate
place please contact Jennifer Baudains by email email@example.com
or telephone +44 (0) 1481 720071.
Guernsey is the leading captive insurance domicile in Europe and
the fourth largest in the world, with 676 international insurance
entities, comprising 347 international insurers – made up
of traditional captives, Protected Cell Companies (PCCs),
Incorporated Cell Companies (ICCs) and ICC cells – and
329 PCC cells.
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