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Nordben Life and Pension Insurance Co. Limited (Nordben) is licensed to write long term business under the Insurance Business (Bailiwick of Guernsey) Law, 2002. The statutory functions of regulation under the legislation are carried out by the Guernsey Financial Services Commission (Commission).
To protect policyholders, the Commission requires life companies registered in Guernsey to hold assets representing at least 90% of the policyholders' liabilities in trusteeship with an approved independent third-party trustee.
Nordben, in agreement with its Trustee, holds assets equal in value to at least 100% of its unit linked policyholders' liabilities and assets equal in value to at least 90% of its non-unit linked policyholders' liabilities in trust. The Trustee is obliged under the agreement to apply the unit linked policyholder funds only in respect of unit linked business and the non-unit linked funds only in respect of non-unit linked business. In respect of unit linked business, the Trustee must make payments directly to the policyholder on the instruction of Nordben.