PRESS RELEASE 11 February 2011
INSURANCE BUSINESS (JERSEY) LAW 1996-
The Jersey Financial Services Commission (the “Commission”) has today issued an updated version of the Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 (the “IB(J)L”). The Licensing Policy was previously issued on 7 April 2009.
On 17 December 2010, the Commission issued an updated Licensing Policy in respect of those activities that require a registration under the Financial Services (Jersey) Law 1998 (the “FS(J)L”). The changes to this Policy were in relation to the additional risks posed to the Island by higher risk jurisdictions.
The changes to the IB(J)L Licensing Policy are similar to those made to the FS(J)L Policy, with the substantive changes located as follows:
- Section 4 - “General” and Section 11 - “Transparency of Ownership”, which set out the Commission’s requirements in terms of the ownership of an insurance business.
- Section 9 - “Structure” and Section 10 - “Systems and Controls”, which set out the requirements where an applicant intends to provide services to customers who are themselves connected with a higher risk jurisdiction.
The updated IB(J)L Licensing Policy can be viewed on the Commission’s website by clicking here.
- Section 12 - “Managed Insurance Businesses”, which sets out the factors that the Commission will consider in the context of an application from an applicant wishing to operate as a managed insurance business
- Ends -
For further information please contact: -
David Hart - Deputy Director, Insurance
Jersey Financial Services Commission
Tel: + 44 (0) 1534 822123
Fax: + 44 (0) 1534 822047
NOTES TO EDITORS
The Commission is responsible for the regulation, supervision and development of the financial services industry in the Island of Jersey for banking, collective investment funds, fund services business, insurance business, general insurance mediation business, investment business, money service business, and trust and company service providers. The Director General is also the
Registrar of Companies.
Additionally, the Commission is the supervisory body for those sectors that are subject to regulatory oversight of their anti-money laundering and countering the financing of terrorism responsibilities, which includes: Accountants; Lawyers; Estate Agents; High Value Goods Dealers; and Non-Profit Organizations.