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market bulletin

Ref: Y4230

Title

Insurance licence in Guernsey

Purpose

Lloyd’s underwriters are permitted to write insurance business in Guernsey

Type

Event

From

Cameron Murray, Senior Manager, International Regulatory Affairs, International Market Access

Date

22 December 2008

Deadline

With Immediate Effect

Summary

Lloyd’s has obtained a licence which permits Lloyd’s underwriters to write general insurance business in Guernsey.

Background

Before now Lloyd’s has been viewed as a ‘Recognised Insurer’ meaning that Lloyd’s underwriters have been permitted to write Guernsey insurance business from London on a cross-border basis.

However, the insurance licence now formally permits Lloyd’s underwriters to write insurance business locally through coverholders and for managing agents to establish service companies in Guernsey.

FIL codes

The current FIL codes remain in effect and are as follows:

F GUA1 GUA2 GUA3 GUA4

IL Code

FIL Code Description Direct Insurance - Location of assured / risk in Guernsey Location of reinsured (FAC R/I) Location of reinsured (XL R/I) Location of reinsured (TTY R/I)

Page 1 of 2

Lloyd’s is authorised under the Financial Services and Markets Act 2000

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