Guernsey’s insurance industry has been working with the Guernsey Financial Services Commission (GFSC) to make the island an attractive location for Managing General Agents (MGAs).
Guernsey Finance, together with industry group the Guernsey International Insurance Association (GIIA), has identified the need to clarify licence provisions and permissions for new entrants to the market on 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 that MGAs interested in coming to the bailiwick understood how best to apply for the relevant permissions. This could help those considering setting up new MGAs, as well as established businesses considering redomiciling.
GFSC Director General William Mason said: “The Commission 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 principles.”
Guernsey Finance Chief Executive Dominic Wheatley (pictured), who was a member of the industry group, said the new application form was a useful step forward for the development of an MGA sector on the island.
“MGAs are a natural fit for Guernsey as our significant international insurance offering already has everything they need,” he said.
“We had identified that the application process could be improved and are delighted to have worked with GIIA and the GFSC to make this happen.”