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Guernsey seeks NAIC Qualified Jurisdiction status to access US insurance market
The Guernsey Financial Services Commission says approval could streamline cross-border market access and increase capacity for US consumers.
Guernsey’s financial regulator has welcomed the US National Association of Insurance Commissioners’ (NAIC) announcement that the jurisdiction has applied for Qualified Jurisdiction status, a move intended to improve how Guernsey-based insurers and reinsurers operate across US states. Reinsurance News reports that the application was lodged in July with support from the Guernsey International Insurance Association and the States of Guernsey.
Guernsey said the request is expected to streamline cross-border market access, boost capacity for US consumers, and support long-term economic growth if it is approved. The effort is also described as part of a broader Finance Sector Strategy 2035 launched jointly in February by the States, the Commission, Guernsey Finance, and GIBA.
The regulator noted that because US insurance is supervised at the state level rather than federally, the NAIC’s Mutual Recognition of Jurisdictions (E) Working Group oversees evaluations of foreign supervisory regimes and maintains official lists of Qualified and Reciprocal Jurisdictions. Guernsey’s submission includes details on its regulatory framework, insurance sector, supervisory approach, cooperation arrangements, and elements relevant to the NAIC review process.
Guernsey tied the application to its role as an international financial center, saying financial services contribute £1.3 billion and about 40% of the island’s Gross Value Added. Reinsurance News also reports that the submission covers areas such as laws and regulations, regulatory practices, reinsurer performance, enforcement of final US judgments, and solvent schemes of arrangement.