Global Vision, Local Wisdom
Global Vision, Local Wisdom
COVID-19 has dominated the news since late February 2020. We are all aware of the effect it has had on our lives already: I write this piece from my home a few weeks into Guernsey’s lock down. In such a rapidly developing situation it would be irresponsible of us to attempt to draw conclusions regarding COVID-19’s impact on the insurance industry specifically. Nevertheless, while insurers prepare for the oncoming claims, it may be useful to consider what the pandemic can teach us about risk management in the context of Solvency II, how insurers could plan for similar outbreaks in the future, and whether any lessons we learn could be expanded to help insurers plan for other extreme events.
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The Guernsey Financial Services Commission (“GFSC”) have released the third version of the pension regulation rules; their official title is the Pension Scheme and Gratuity Scheme Rules and Guidance, 2020 (“the 2020 Rules”). When they come into force on 31 December 2020 they will supersede The Pension Licensees (Conduct of Business) & Domestic and International Pension Scheme and Gratuity Scheme Rules (No. 2) 2017 (“the No. 2 Rules”).
Guidance notes have also been added, providing examples of how licensed fiduciaries could demonstrate compliance with the rules. These guidance notes do not form part of the rules and appear in shaded boxes to distinguish the guidance from the rules.
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We are delighted to announce the launch of BWCI’s 2020 student bursary scheme. The closing dates for entries is 13 March 2020. For further details and an application form, please go to https://www.bwcigroup.com/Careers/Bursary
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We are delighted to announce that Luke Richards, an assistant manager in our investment team, has passed all of the exams required to qualify as an actuary.
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The Isle of Man is changing its valuation and solvency regulations for non-life insurers. This is another milestone on the island’s roadmap for updating its regulatory framework for insurance business.
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