Thursday, 17 May 2012
Guernsey made right decision to avoid ‘disproportionate demands’ of SII—Aon
Guernsey’s decision not to apply for equivalence under Solvency II is having a positive impact on its status as the leading European offshore captive destination because the capital adequacy regime still does not reflect the needs of, and proportionate risk posed by, captives, according to Aon.

Guernsey
The island’s decision to rather comply with capital requirement standards laid down by the International Association of Insurance Supervisors (IAIS), which many captive owners believe to be sufficient, leaves it with a healthy regulatory environment for alternative risk financing vehicles, said Paul Sykes, Managing Director of Aon Insurance Managers (Guernsey) Ltd.
Speaking at a Captive and Insurance Master Class organised by Aon in London this week, Mr Sykes argued that “the Solvency II regime so far has shown a profound disregard for industry and corporations that exercise prudent risk management by owning and operating captive insurance companies.”
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