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# Guernsey applies for US Qualified Jurisdiction status to strengthen insurance sector ties
- URL: https://www.thequarry.media/guernsey-applies-for-us-qualified-jurisdiction-status-to-strengthen-insurance-sector-ties/
- Published: 2026-08-18T15:55:14.000Z
- Updated: 2026-08-18T15:55:14.000Z
- Author: The Quarry
- Tags: News

- Guernsey Financial Services Commission has applied for US Qualified Jurisdiction status with the National Association of Insurance Commissioners
- The island had 549 licensed insurance entities as at 31 December 2025, including 327 non-cellular insurance companies and 222 protected cell company cells
- Financial services contributed £1.3 billion and accounted for 40% of Guernsey's Gross Value Added in early 2025
- The application details Guernsey's regulatory framework, supervisory approach and cooperation arrangements with international regulators
- Guernsey has signed 84 memoranda of understanding with regulators and was upgraded to the IAIS Enhanced Multilateral Memorandum of Understanding in 2024

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The Guernsey Financial Services Commission has announced its application for Qualified Jurisdiction status with the National Association of Insurance Commissioners, in a move aimed at reinforcing the island's position as a specialist international insurance and reinsurance centre.

The application forms part of the Commission's ongoing work to support Guernsey's standing as a well-regulated and internationally cooperative jurisdiction. The NAIC's Mutual Recognition of Jurisdictions (E) Working Group oversees the evaluation process and maintains lists of both Qualified Jurisdictions and Reciprocal Jurisdictions.

Guernsey's submission to the NAIC details the island's regulatory framework, insurance sector profile, supervisory approach and cooperation arrangements. The application covers laws and regulations, regulatory practices, reinsurer performance, enforcement of final US judgments and solvent schemes of arrangement.

The island has operated as an international finance centre for more than 50 years, with expertise spanning insurance, banking, private wealth, investment and funds, pensions and sustainable finance. Financial services contributed £1.3 billion to Guernsey's economy and accounted for 40 per cent of the island's Gross Value Added in early 2025.

Guernsey's insurance sector maintains an international focus and encompasses captives, commercial general insurers, commercial reinsurers, commercial life insurers, special purpose vehicles and cell structures. As at 31 December 2025, the island had 549 licensed insurance entities, comprising 327 non-cellular insurance companies and 222 protected cell company cells.

William Mason, Director General of the Guernsey Financial Services Commission, said: "Guernsey has a long and successful track record as an international insurance centre. Our application to the NAIC is an opportunity to demonstrate the depth of its insurance expertise, the quality of the island's regulatory framework and the Commission's commitment to constructive cooperation with US state insurance regulators. We are seeking to show that Guernsey is a serious, well-regulated and responsive supervisory counterpart."

Katherine Jane, Deputy Director General (Risk and Operations) of the Guernsey Financial Services Commission, said: "The Commission is actively engaged in international insurance supervision through the IAIS and related international regulatory forums. That international perspective is central to how we approach this work. Guernsey's regime is based on proportionate, risk-based supervision, strong governance expectations and a clear commitment to regulatory cooperation. Those are the standards we are seeking to evidence through the NAIC process."

Lisa Peterson, Chief Actuary at the Guernsey Financial Services Commission, said: "Before joining the Commission, I worked at Canada's insurance and pensions regulator, and one of the things that has struck me since working in Guernsey is how familiar many aspects of the regime feel from a North American supervisory perspective. Guernsey's approach is proportionate and tailored to the nature of its market, but it is also grounded in the same core objectives: solvency, policyholder protection, sound governance and effective cooperation between regulators."

The application also emphasises the Commission's statutory powers to cooperate and exchange information with insurance supervisors, including US state insurance regulators. The Commission has entered into 84 memoranda of understanding and multilateral memoranda of understanding with regulatory counterparts worldwide.

Guernsey has been a signatory to the International Association of Insurance Supervisors Multilateral Memorandum of Understanding since November 2010\. The jurisdiction was upgraded to the Enhanced Multilateral Memorandum of Understanding in 2024 following an assessment led by the US Securities and Exchange Commission.

The Commission has confirmed it will continue to engage constructively with the NAIC throughout the application review process.

## Q&A

**Q: What is Qualified Jurisdiction status?**  
A: Qualified Jurisdiction status is a designation maintained by the National Association of Insurance Commissioners in the United States. The NAIC's Mutual Recognition of Jurisdictions (E) Working Group evaluates jurisdictions based on their regulatory frameworks, supervisory practices and cooperation arrangements with US state insurance regulators.

**Q: How large is Guernsey's insurance sector?**  
A: As at 31 December 2025, Guernsey had 549 licensed insurance entities, including 327 non-cellular insurance companies and 222 protected cell company cells. The sector includes captives, commercial general insurers, commercial reinsurers, commercial life insurers, special purpose vehicles and cell structures.

**Q: What is Guernsey's relationship with international insurance regulators?**  
A: The Guernsey Financial Services Commission has entered into 84 memoranda of understanding with regulatory counterparts. It has been a signatory to the International Association of Insurance Supervisors Multilateral Memorandum of Understanding since November 2010 and was upgraded to the Enhanced Multilateral Memorandum of Understanding in 2024 following a US Securities and Exchange Commission-led assessment.