May 2012

Spotlight – In international business, almost every market around the world does things in a different way. This often leads to misunderstandings and unfulfilled expectations. However, different does not need to mean difficult and knowledge of the needs and characteristics of specific geographic markets is an advantage to those who are active in the global economy. These articles help you understand different aspects of the insurance industry around the world, enabling those who do business there to feel more “at home, abroad.”

The Channel Islands between England and France are British Crown Dependencies and, as such, are not part of the United Kingdom. Nor are they part of the European Union. Channel Islanders are, however, British citizens but there are restrictions for some of them about free movement within the EU. All this means that the islands need to look at UK and EU legislation and decide how they need to adapt their own financial and fiscal behaviour but not follow blindly what goes on around them.

In the second of our Spotlight articles Fiona Le Poidevin explains why Guernsey has decided not to seek equivalence with the EU’s proposed regulatory regime for insurers and reinsurers, Solvency II.

These articles have been created especially for us and we are very grateful indeed to Guernsey Finance for contributing them. Any comments should be directed to Fiona at f.lepoidevin@guernseyfinance.com

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