Category B Insurance permit application form

Summary

This is the standard JFSC application form used by a company seeking a Category B Insurance permit under the Insurance Business (Jersey) Law 1996. It sets out the declarations the applicant's signatories must make and the detailed information and supporting documents the applicant must submit for the JFSC to assess the application.

• Declarations: Authorised signatories must confirm the application is accurate and complete, acknowledge that knowingly or recklessly providing false or misleading information is a criminal offence under Article 38 of the Law, and consent to ongoing JFSC enquiries into the applicant's fitness and propriety.
• Corporate and ownership information: Details of legal and beneficial ownership, share capital, source of funds, group structure, subsidiaries, associated companies, and (for cell companies) access to core capital.
• Governance and personnel: Lists of directors, officers, managers, consultants and administrators, identification of the compliance officer, MLRO and MLCO, and myProfile applications for all listed individuals.
• Business and financial detail: A five-year business plan, financial statements, class(es) of insurance business sought, nature of risks insured, reinsurance arrangements, and financial year end.
• AML/CFT and long term insurance items: For long term insurance business, a draft Business Risk Assessment under the AML/CFT Handbook, confirmation of draft AML/CFT policies and procedures, high risk jurisdiction connections, and appointed actuary details.
• Other supporting documents: Copies of the applicant's Memorandum and Articles of Association, certificate of incorporation, auditor acceptance, service or management agreements, and proposed bank account signatories.

The form also requires the applicant to nominate a contact person for the application and notes that an invoice for the application fee will be issued after submission; payment is by cheque or electronic transfer.

Key obligations

• Applicant's authorised signatories must confirm the application information is accurate and complete
• Applicant must notify the JFSC immediately of any significant change to the information given in the application
• Applicant must provide further information or documents if requested by the JFSC at any time before registration
• All directors, shareholder controllers, officers and managers identified in the form must submit a completed myProfile application
• For long term insurance business, applicant must provide a draft Business Risk Assessment in accordance with the AML/CFT Handbook and confirm draft AML/CFT policies and procedures are in place
• Applicant must provide a five year business plan including sources of business, balance sheet, profit and loss projections and solvency calculations
• Applicant must disclose ownership, group structure, financial statements, reinsurance arrangements and other specified information as part of the application

Applies to

Companies applying for a Category B Insurance permit, Insurance business applicants under the Insurance Business (Jersey) Law 1996, Directors, shareholder controllers, officers and managers of applicant companies

Deadlines

• immediately: Applicant must notify the JFSC immediately of any significant change to the information given in the application