Guernsey’s financial regulator has launched a bid for official US recognition that could help island insurers access one of the world’s largest insurance markets more easily.
The Guernsey Financial Services Commission (GFSC) has applied for ‘Qualified Jurisdiction’ status, a move it says would improve the terms on which Guernsey insurers can operate in US states and support economic growth in the Bailiwick.
The application, submitted to the National Association of Insurance Commissioners (NAIC) last month with support from the States and industry bodies, forms part of the island’s Finance Sector Strategy 2035.
If approved, US regulators would formally recognise Guernsey’s insurance supervisory regime, potentially reducing regulatory hurdles for Guernsey-based insurers and reinsurers seeking to write business in the United States.
GFSC Director General William Mason said Guernsey had a “long and successful track record” as an international insurance centre, adding that local firms could “play a helpful role in delivering value for US consumers”.
He said the commission would spend the coming months explaining Guernsey’s “robust and proportionate approach to insurance regulation” to US counterparts.
Major industry
The commission said insurance remained a key part of Guernsey’s finance industry, contributing £1.3bn to the economy and accounting for 40% of Gross Value Added in early 2025.
Deputy Director General Katherine Jane said Guernsey’s system was built on “proportionate, risk-based supervision”, strong governance and regulatory co-operation, which the island is seeking to demonstrate through the application process.
The Bailiwick’s insurance sector includes captives, commercial insurers, reinsurers and life insurers, with the commission saying its regulatory approach is focused on solvency, policyholder protection and international co-operation.
