Guernsey has been named 'best in class' for Insurance
Linked Securities (ILS) at the Professional Adviser International
Fund and Product Awards 2014. Now in their 15th year, the awards
are run by Professional Adviser, a weekly trade magazine focusing
on the issues facing the investment advisory market in the UK.
Guernsey Finance - the promotional agency for the Island's
finance industry - made a submission for this year's
Fiona Le Poidevin, Chief Executive of Guernsey Finance, said:
"I am delighted that Guernsey has been named 'best in
class' for ILS. It is an asset class which has gained
significant momentum during the last few years and is particularly
attractive to investors because returns are uncorrelated with the
general financial markets. "
Guernsey's expertise across both the investment and the
insurance sectors and our proximity to London and Zurich means that
we are very well placed to meet the needs of the marketplace. This
is demonstrated by the substantial growth we have seen in the past
few years, with 99 new international insurance entities licensed in
the 12 months to the end of March, a significant number of which
are related to ILS.
"I know from speaking to industry that more have come
on-stream since then and we are trying to further capitalise on the
opportunities by actively marketing our proposition. We want
Guernsey to be top of mind for those involved in putting together
"It's rewarding to get recognition for our offering,
the success we are enjoying and the way we are continuing to grow
ILS as a business stream in Guernsey."
Since the PRIIPs Regulation was published on 9 December 2014, the concept of a multi-option product has been one of the most discussed topics among the manufacturers of insurance-based investment products.
Directors & Officers Insurance (D&O) is a relatively new
branch of insurance in the United Arab Emirates (UAE) market.
Accordingly, issues such as allocation of costs have not yet been
considered by UAE or Dubai International Financial Centre (DIFC)
The MFSA issued a consultation document proposing the introduction of external auditing requirements for certain quantitative reporting templates that will form part of the Solvency Financial Condition Report.
From August 12 2016 when the UK's Insurance Act 2015 takes effect there will be differences affecting business (ie non-consumer) policies issued in Isle of Man and those issued in UK, including renewals.
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