Why Guernsey was right not to seek equivalence
Guernsey recently made it quite clear it would not be seeking equivalence under Solvency II. Dominic Wheatley examines why the authorities there felt the need to make this declaration and what it means for insurers and captives there.
The authorities in Guernsey have announced they have no plans to seek equivalence under Solvency II. The joint announcement was issued by States of Guernsey Commerce & Employment Department and the Guernsey Financial Services Commission in January. It is straightforward and unambiguous but does nevertheless raise some questions.
Why was such an announcement necessary? After all not many authorities feel the need to issue statements of what they are not going to do. Other jurisdictions have
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