Category B Insurance permit cell application form

Summary

This is the JFSC application form used by a Cell Company (or a cell within it) 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 that must be submitted to JFSC as part of the permit application.

• Declarations: Signatories must confirm the application is accurate and complete, accept that JFSC may make further enquiries, and acknowledge that knowingly or recklessly providing false or misleading information is a criminal offence under Article 38 of the Insurance Business (Jersey) Law 1996.
• Cell company details: Applicants must disclose changes to ownership, share capital, board, registered office and appointed manager, and identify all existing cells.
• Cell structure and funding: The form requires details of self-management or appointed insurance manager, beneficial ownership, share capital, financial support arrangements, and provisions for early losses.
• Governance and personnel: Applicants must identify directors, officers, managers, compliance officer, bank account signatories, underwriting and claims administrators, and investment manager, with myProfile applications required for Director, Chief Executive, Key Person and Shareholder Controller roles.
• Business and risk information: Applicants must describe the class(es) of insurance business, nature of risks, policy wording, reinsurance programme, and provide a five year business plan with solvency calculations.
• AML/CFT (long term business): For long term insurance business, applicants must identify the MLRO and MLCO, provide a draft Business Risk Assessment under the AML/CFT Handbook, and confirm draft AML/CFT policies and procedures are in place.
• Supporting documents: A checklist requires enclosure of the Certificate of Recognition/Incorporation, Memorandum and Articles of Association, structure chart, service agreements, auditor's acceptance, policy wording, reinsurance agreement, and business plan.

Submission of the completed form triggers an invoice from JFSC. The form itself does not state a filing deadline but requires immediate notification of any significant change to the information provided.

Key obligations

• Signatories must confirm that the information in the application, including separate sheets and myProfile applications, is accurate and complete
• Applicants must notify the JFSC immediately of any significant change to the information given in the application
• It is a criminal offence under Article 38 of the Insurance Business (Jersey) Law 1996 to knowingly or recklessly provide false or misleading information in the application
• Directors, Chief Executive, Key Person and Shareholder Controller must each submit a completed myProfile application
• The proposed Compliance Officer must submit a completed myProfile application
• For long term insurance business, the applicant must identify its MLRO and MLCO, each of whom must submit a myProfile application
• For long term insurance business, the applicant must provide a draft Business Risk Assessment prepared in accordance with the AML/CFT Handbook
• For long term insurance business, the applicant must confirm it has draft AML/CFT policies and procedures to ensure compliance with statutory and regulatory obligations
• Applicants must provide a five year business plan including sources of business, balance sheet, profit and loss projections, solvency calculations and business risk assessment
• Applicants must attach evidence of auditors' acceptance of appointment or willingness to act, and the appointed actuary's willingness to act for long term business

Applies to

Cell companies, Insurance cell applicants (Category B permit applicants), Insurance managers, Directors, officers and controllers of cell applicants, Compliance Officers, MLROs and MLCOs of cell applicants