Frequently Asked Questions (FAQ)
Q: If I am not sure if a general insurance mediation
business-related activity needs authorisation from the Commission
can I ask you for advice?
Certain forms of insurance intermediary business are regulated
under the provisions of the Financial Services (Jersey) Law
1998. Commission staff will be happy to provide general explanations
of what activities that law covers. However, Commission staff
cannot provide legal advice in respect of specific circumstances
and if you are in any doubt as to the position you should
seek advice from a lawyer qualified in Jersey law.
Q: How can I find out if a general insurance mediation
business is regulated by you?
The Commission’s website lists all regulated general
insurance mediation businesses (GIMB). On the home page, click
on the “Regulated Entities” box or click
here to go direct to the relevant page.
Q: What can I do if I have a complaint against a
general insurance mediation business?
The Commission has issued a guidance note on consumer complaints, which can viewed by clicking here.
Q: How do I apply for a general insurance mediation
business licence and what information is required?
The Commission welcomes applications from businesses wishing
to operate in Jersey.
Although Commission staff will be pleased to explain the
regulatory regime, they cannot provide legal advice. Most
potential applicants seek legal advice at the time of approaching
the Commission, or at least prior to making formal application.
If the applicant is a business new to operating in Jersey,
the legal adviser would also be able to offer advice regarding
the Island’s housing and labour regulations.
The Commission publishes various documents, which you may
like to read, or Commission staff will be pleased to explain
them to you. Key policies include the licensing policy, the
policy explaining our views on outsourcing certain activities
outside of the Island, and the Island’s Anti-Money Laundering
requirements. Most applicants find these policies clear and
practical, reflecting good commercial and regulatory practice.
Once you are comfortable with the regime and have concluded
that you want to progress a formal application, the Commission
would be pleased to receive:-
(a) a completed Application Form, including
the application fee; view
by clicking here.
(b) completed Personal Questionnaire for
each of the principal persons including consent
to seek a Police check (Classes P and Q general insurance
view by clicking here.
(c) appropriate supporting information – e.g. financial
statements/business plan (Classes P and Q general insurance
The Commission will acknowledge receipt of your application
and begin assessing the application.
This assessment includes looking at the fit and proper status
of the applicants, the principals behind
the business, and those principals who will be managing it.
The Commission will take up regulatory references.
The Commission will keep you informed of the progress of
your case and will revert to you for missing information or
clarification if we find anything unclear. We aim to approve
applications, or provide the reasons why we are unable to
approve an application, within two weeks of receiving responses
to our final queries. Overall, the normal time to progress
a successful application is in the region of six weeks.