PRESS RELEASE 7 April 2009
INSURANCE BUSINESS LICENSING POLICY
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 “Insurance Business Licensing Policy”).
The need for the revision and reissue of the Insurance Business Licensing Policy has been identified by the use of the existing Licensing Policy over recent years, a review of the revised Financial Services (Jersey) Law 1998 Licensing Policy issued in July 2008 and the outcome of the self assessment against international regulatory standards undertaken by the Commission in preparation for the International Monetary Fund assessment in November 2008.
In updating the Insurance Business Licensing Policy, the Commission’s main objectives have been to provide greater clarity in respect of:
- The applicability of the Insurance Business Licensing Policy to Category A insurance businesses (where the Commission is the host regulator);
- The “fit and proper” assessment, including reference to requirements for integrity, competence, systems and controls, financial standing, structure, organisation and transparency of ownership; and
- The Commission’s approach to, and requirements for, managed insurance businesses.
The updated Insurance Business Licensing Policy can be viewed on the Commission’s website by clicking here.
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For further information please contact: -
David Hart - Deputy Director, Insurance
Tel: + 44 (0) 1534 822123
Fax: + 44 (0) 1534 822047