Guernsey signs international insurers' agreement

Guernsey has come into line with international standards of regulation in the insurance industry.

The Guernsey Financial Services Commission signed an agreement approved by the world's main economies.

The memorandum of understanding was organised by the International Association of Insurance Supervisors.

Regulators elsewhere should now be more willing to share confidential information with Guernsey.

Nik Van Leuven, the commission's director general, said the agreement meant Guernsey had been recognised as having reliable legislation and practice when it comes to insurance supervision.