Generali Worldwide Insurance Company Limited (2013-11-20)

Summary

This is a public statement issued by the Guernsey Financial Services Commission announcing a completed enforcement action against Generali Worldwide Insurance Company Limited. It records that on 15 November 2013 the Commission imposed a financial penalty and published this statement following an examination of failings identified in 2008 to 2010.

• Penalty: A financial penalty of £150,000 was imposed on Generali Worldwide under Section 11D of the Financial Services Commission Law.
• Public statement: The Commission made this public statement under Section 11C of the Financial Services Commission Law.
• Corporate governance failings: Generali Worldwide did not comply with certain reporting requirements on regulatory solvency margin and investment strategy definition, leading to inaccurate 2009 and 2010 corporate governance adherence summaries.
• AML/CFT failings: Generali Worldwide failed to comply with Relationship Risk Assessment requirements under the Regulations and Handbook, and failed to timely notify staff of a change in the Money Laundering Reporting Officer.
• Mitigating factors: The Commission noted Generali Worldwide's remediation plan, cooperation, payment of examination costs, and that no policyholder suffered actual loss.

This notice is retrospective and informational, documenting a concluded enforcement decision rather than creating new ongoing compliance requirements for other entities.

Applies to

insurers, licensed insurers