Guernsey has drafted a set of rules to provide “extensive guidance” for special purpose insurers (SPIs), it was revealed at the Guernsey Insurance Forum in London.
At the forum, held on 21 September, Mark Helyar, counsel of Bedell Cristin, who helped to draft the new rules, explained that they have now been drafted and are with the Guernsey Financial Services Commission (GFSC) for a final review.
He explained that the rules are “pretty much signed off” and “are expected to be in place by the end of the year”.
Before the new rules go live, a consultation paper will be sent out to the marketplace for comment.
These SPI rules already exist in Bermuda, making it possible for somebody looking from the outside to understand the jurisdiction’s approach to SPIs in terms of solvency and capitalisation.
With Guernsey also introducing the new rules, Helyar suggested that this would bring them “on to a level playing field with Bermuda”.
