St Peter Port
14 March 2017
Reporter: Mark Dugdale
China and Guernsey regulators sign insurance MoU
China and Guernsey’s insurance regulators have signed a memorandum of understanding to make it easier to do business in both jurisdictions.

The agreement between the Guernsey Financial Services Commission (GFSC) and the China Insurance Regulatory Commission (CIRC) is the third insurance deal to be struck between Guernsey and China in the last nine months.

It will enable a flow of information between the GFSC and CIRC to ensure compliance with the relevant laws in each jurisdiction, thereby promoting the integrity, efficiency and financial soundness of those doing business between the two places.

It also includes guidelines for cooperation, including both supervisory bodies having a specific point of contact for communication between the organisations, the types and timing of requests for information, and the respect for a public interest test.

CIRC vice chairman Wenhui Chen said the agreement “shows the strong relationship built up by an important jurisdiction from developed countries and another from the emerging markets”.

Chen added: “I hope the memorandum of understanding will strengthen the relationship between China and Guernsey especially for the insurance industry and we look forward to cooperation after the signing.”

Guernsey Finance chief executive Dominic Wheatley added: “The signing has broader, positive implications for the island’s finance sector as it will also provide Chinese insurance companies with an approved conduit for investing into Guernsey funds, once they have obtained a quota from the State Administration of Foreign Exchange.”

Last year, Guernsey representatives signed agreements with both the China Captive Alliance and the Kashgar government to promote captive insurance in the region.

The agreements, signed in June 2016, laid out plans to cooperate on captive insurance market development and on financial innovation, to promote the viability of the Chinese captive market, and to cooperate on communication between China and the international captive industry.

More regulation news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Texas governor signs off captive bill updates
19 June 2017 | Austin | Reporter: Becky Butcher
Texas governor Greg Abbott has signed the state’s new captive bill into law
New FHLB legislation could see captives return
16 June 2017 | Washington DC | Reporter: Becky Butcher
US legislators have introduced a new bill to allow captive insurance companies that were members of a Federal Home Loan Bank (FHLB) prior to 12 September 2014 to return to the fold
SIIA asks Treasury to look at Notice 2016-66
15 June 2017 | Washington DC | Reporter: Becky Butcher
The Self-Insurance Institute of America (SIIA) has asked the US Treasury to include Notice 2016-66 in the President Donald Trump-ordered review of US tax rules
Financial CHOICE Act passes House
09 June 2017 | Washington DC | Reporter: Mark Dugdale
The Financial CHOICE Act, the legislation that proposes to repeal and replace the Dodd-Frank Act, has passed the House of Representatives
US-EU covered agreement moves closer to implementation
08 June 2017 | | Reporter: Mark Dugdale
The European Council has authorised the signing of the US-EU covered agreement on insurance and reinsurance, paving the way for its passage on one side of the Atlantic, at least
Insurers and reinsurers struggle with SFCR in Ireland
07 June 2017 | Dublin | Reporter: Mark Dugdale
The first round of solvency and financial condition reports filed in Ireland under Solvency II show that Irish insurers and reinsurers struggled with the system of governance disclosure requirement, according to Deloitte
A.M. Best: New agency rules will boost business in Vermont
05 June 2017 | Montpelier | Reporter: Stephanie Palmer
Vermont’s updated law allowing for the inclusion agency captives will make the state more attractive to captive formations, according to A.M. Best