Local insurance expert Malcolm Cutts-Watson compared the 2015 UK Insurance Act with asking Premier League champions Leicester City, seen here during their open-top bus parade through Leicester city centre, to learn a completely different game and set of rules in a few months.
THE implications of the 2015 UK Insurance Act on Guernsey’s captive insurance sector have been outlined at a masterclass hosted by the Guernsey International Insurance Association and Mactavish, the UK’s leading expert on insurance governance and compliance with the act.
“The legislation is just 17 pages long, but is the most significant change to commercial insurance law for more than 100 years,”
said Malcolm Cutts-Watson, a senior adviser to Mactavish and senior figure within the Guernsey captive industry.
‘As an analogy, let’s take Leicester City who have just won the Premier League, and next season they find that the laws of football have been completely rewritten, and they have just a couple of months to learn these laws and to try to understand how the referee will interpret them going forward.’
Mr Cutts-Watson said that a lot of the best practice now required under the new law, which comes into effect this summer, was already in place in the Guernsey industry.
‘But it is not codified, there is no audit trail, and this is about improving process and raising standards,’ he said. ‘A lack of governance undermines the offshore industry.’
Read more at http://guernseypress.com/business/2016/05/27/uk-insurance-act-is-different-ball-game-for-captive-sector/#YY6Qd2IbFvyh5B4R.99
