Consultation on Disclosure Rules for Insurance Intermediaries

Closed 29 Jan 2024

Opened 8 Dec 2023


Affected and Interested Parties

These proposals would affect licensed insurance intermediaries. At present, there are 35 intermediaries in the Bailiwick to whom these rules will apply, but only a proportion of them would be directly affected by the proposed changes.

Purpose of the Consultation Paper

In this Consultation the Commission proposes to amend The Insurance Intermediaries Rules and Guidance (“the Rules”) for disclosure. This will require insurance intermediaries to disclose the nature of their relationship with the insurers with whom they deal as well as a requirement to disclose the basis on which they are remunerated. This change formalises a requirement in the existing codes of conduct for both financial advisers and authorised insurance representatives and represents good practice already in effect in industry. These disclosures have a positive impact on client protection as it is important for clients to be aware of conflicts of interest in buying insurance through intermediaries.

This change will bring the Bailiwick into compliance with the IAIS[1] Insurance Core Principles’ requirements laid out in ICP 18 in relation to “Intermediaries” (see Annex 2). This remedies a shortcoming highlighted in Guernsey’s 2019 IAIS review[2].

Consultation Period

Responses to this Consultation Paper are sought by 29 January 2024.

The Consultation Paper, including red line changes to the relevant Rules, can be found below.

Please respond via the online survey, below. 


[1]The International Association of Insurance Supervisors (IAIS) is an organisation of insurance supervisors and regulators which aims to promote effective and globally consistent supervision of the insurance industry. It sets international insurance standards which countries conducting international insurance business are expected to enact and enforce.


  • Consumer
  • Financial Advisor
  • Insurance Intermediaries