GENERAL INSURANCE MEDIATION
Frequently Asked Questions (FAQs)
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 mediation business).
view by clicking here.
(c) appropriate supporting information – e.g. financial statements/business plan (Classes P and Q general insurance mediation business).
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.