New laws on insurance practice in Guernsey are expected to come into force in October. As a result, at the island's 2002 RISK conference in September the ramifications will be explained and discussed.
At the conference the architect of the new laws, Steve Butterworth, the Director of Insurance at the Guernsey Financial Services Commission, will outline the laws' scope.
He commented: "Guernsey's insurance practices and principles are already first-rate, but they will be enshrined in law in October thus making sure that the island's positive international reputation is enhanced still further."
One of the most important changes will be measures to ensure that insurers have sufficient funds to reflect their risks, size and capacity of insurance business.
Butterworth added: "The legislation is all-encompassing in that it touches every part of the island's insurance industry but we have been careful to ensure this shouldn't mean an undue increase in paperwork.
"We recognise that the insurance industry - and those who have dealings with it - want laws that underline the island's reputation without making working practices more difficult."
