Global Vision, Local Wisdom
Global Vision, Local Wisdom
After suffering a serious personal injury, with adverse long-term consequences for their quality of their life, an individual will often be entitled to compensation. These damages reflect the financial impact of the injury on the individual; these could include the cost of future care needs, as well as compensation for the loss of future earnings and pension rights.
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Historically general insurers, including captives, used run-off triangles as a key tool to predict future levels of claims and reserve for them. This triangulation method involves recording observed data about total known claims amounts (paid or incurred) at regular intervals in each policy year. The data points are arranged in a table, with rows corresponding to policy years and columns corresponding to time since the policy’s inception. The earliest policy years have entries in more columns than more recent policy years, so the table of known data takes on a triangular shape.
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The Guernsey Financial Services Commission (“GFSC”) introduced a regulatory framework for pensions in 2017, with full compliance required by 30 September 2018. The framework’s scope is limited to those pension and gratuity schemes where a licensed fiduciary is involved with either the scheme’s trusteeship or administration.
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It is a little over three years since we first reported on the proposals to introduce a secondary pension system in Guernsey. Shortly afterwards the high level secondary pensions framework was agreed, in principle, at the States meeting in February 2016.
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Would you like to win a supply of art materials? Then enter the BWCI Guernsey Camerata Family Concert competition to create an eye-catching poster for their next popular family concert featuring We’re Going on a Bear Hunt, Isabel’s Noisy Tummy and lots more.
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