By its recent approval of The Financial Guarantee (Peak International Limited) Ordinance, 1997, Guernsey's parliament has made the Island the world's second location, after New York, with FGI legislation in place.
The legislation opens up Guernsey as an ideal centre for these specialist insurers and enquiries are already in hand. Financial guarantee - or bond - insurers are in the business of providing financial guarantees for an insured's obligations to pay principal and interest when due; for example, from the issuers of municipal bonds and asset-backed securities.
The ordinance also details a number of tight regulatory controls to be exercised by the Commission in respect of the structure and operation of such insurers.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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