Stephen Paul Dewsnip (2020-07-30)

Summary

This is a public enforcement statement issued by the Guernsey Financial Services Commission concerning Stephen Paul Dewsnip, a former non-executive director of Global Insurance Group Limited (GIGL), a licensed insurer. It records the Commission's decision to impose a financial penalty and issue a public statement against Mr Dewsnip for failing to meet the minimum licensing criteria for directors under the Insurance Business (Bailiwick of Guernsey) Law, 2002.

• Penalty imposed: A financial penalty of £7,000 was imposed on Mr Dewsnip under section 11D of the Financial Services Commission Law, reflecting a 30% early settlement discount.
• Public statement: A public statement was made under section 11C of the Financial Services Commission Law naming Mr Dewsnip and detailing the findings.
• Underlying failings: As a GIGL director, Mr Dewsnip failed to ensure effective systems of control over a claims fund and bordereaux reporting managed by an outsourced UK intermediary, and failed to ensure amounts due were paid to GIGL in a timely manner.

This notice is an individual enforcement outcome rather than a rule change; it does not impose new ongoing obligations on the wider insurance industry, but illustrates the Commission's expectations regarding director oversight of outsourced claims handling and reporting arrangements.

Applies to

insurance directors, licensed insurers, insurance intermediaries