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Any new or fund wishing to establish in Guernsey be approved by the GFSC But requirements are clearly laid down and the delay in processing applications is minimal
BANKING
There are 76 banks in Guernsey providing a complete range of sen-ices from savings and deposit accounts to sophisticated private and corporate banking facilities. Of these, 28 banks are administered by other banks with a full physical presence on the island.
Banking business in the form of deposit taking is regulated under the Banking Supervision (Bailiwick of Guernsey) Law, 1994, which covers both administered and full presence banks.
Institutions applying for a banking presence need to satisfy the GFSC as to their high reputation and standing. The institution will be expected to submit a realistic business plan showing a strong commitment to the island.
A bank will only be allowed to set up an operation in Guernsey with the express knowledge and approval of the regulator in its home jurisdiction.
The banking law gives the Commission the ability to supervise banks to the level expected of a well-respected international banking centre.
INSURANCE
This sub-sector is under the supervision of the Director of Insurance and is regulated by the Insurance Business (Guernsey) Law of 1986, as amended.
Insurance regulation is at the initial stages of a review procedure. There are 352 offshore insurers, of which 340 are captive insurance companies and 12 are offshore...