Moves to open up the US market for Guernsey insurance business are a welcome step for the sector, according to Bedell Cristin partner John Scanlan.
The National Association of Insurance Commissioners, the association of state regulators which oversees the insurance industry in the US, has confirmed that the Guernsey Financial Services Commission has applied for Guernsey to be granted Qualified Jurisdiction status.
If the application is approved, Guernsey insurers could carry out insurance business in the US and with US clients on better terms, opening up new opportunities for the jurisdiction.
The move has been supported by the States of Guernsey and by the Guernsey International Insurance Association.
It has also been welcomed by Bedell Cristin partner John Scanlan, who said: "We have an insurance sector that we can feel very proud of in the Island, and this move to open up market access to the US market is a really positive step.
"From an industry standpoint, it is so encouraging to see industry, regulatory and government working together effectively to deliver on the ambitious agenda set out in the Finance Sector Strategy 2035.
"The Island has long been known as a leading European captive insurance domicile, it would be great news for the sector if we could open up fresh opportunities in the US as well."
Location: Guernsey
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