GFSC works with industry group on licensing issues
THE insurance industry has worked with the Guernsey Financial Services Commission to make the island an attractive location for managing general agents.
Industry agency Guernsey Finance has developed a close working relationship with the UK’s MGA Association over the past 18 months and, together with industry group the Guernsey International Insurance Association, an industry working group, identified the need to clarify licence provisions and permissions for new entrants to the market in the island.
The GFSC said a new application form for MGAs made it simpler for them to apply for a Guernsey licence. MGAs fall within the island’s insurance manager licensing framework.
The commission said it wished to ensure MGAs interested in coming to the Bailiwick understood how best to apply for the relevant Bailiwick permissions required, which may be helpful for both those considering setting up new MGAs and established businesses considering re-domiciling.
‘Through the launch of this new application procedure, the commission is pleased to make clear that it welcomes applications from good quality MGAs who wish to take advantage of the Bailiwick’s business-friendly culture and independently-assessed adherence to international insurance core principle,’ said GFSC director-general William Mason.
Guernsey Finance said the new application form was a useful step forward for the development of an MGA sector in the island.