The Commission has today issued its report on the thematic review of reinsurance and other forms of risk transfer by licensed insurers. The review was undertaken during the latter part of 2021.
A copy of the thematic review can be found by clicking here.
Broadly, the thematic review uncovered a number of areas of good practice, for example where some firms have high quality reinsurance contracts. However, there were instances identified where more attention needs to be paid to the Guidance Note for Licensed Insurers on Reinsurance and Other Forms of Risk Transfer.
The Commission recommends that all insurers and applicant insurers, regardless of whether they currently use reinsurance, read the thematic and consider whether there are any gaps in their own governance, policies, procedures and controls.
This news item was originally published by the Guernsey Financial Services Commission (GFSC GG). For more information, see the Source Link.