Guernsey simplifies MGA application process
The Guernsey Financial Services Commission (GFSC) has simplified the application process for managing general agents (MGA) wanting to operate in Guernsey.
MGAs fall within the island’s insurance manager licensing framework. The GFSC said it wanted to ensure that MGAs wanting to set up in, or redomicile to, Guernsey understood how best to apply.
GFSC director general William Mason said: “Through the launch of this new application procedure, the commission is pleased to make clear that it welcomes applications from good quality MGAs who wish to take advantage of the Bailiwick’s business-friendly culture and independently-assessed adherence to international insurance core principles”
Dominic Wheatley, chief executive of Guernsey Finance, described the new application form as a useful step forward for the development of an MGA sector in the island.
“MGAs are a natural fit for Guernsey as our significant international insurance offering already has everything they need,” Wheatley said. “Entrepreneurial underwriters with capital lined up and a market position to leverage can come to Guernsey and find a high-quality insurance environment ideally placed to help develop an MGA.”