Blue Swan Insurance (Jersey) Limited (2006-02-06)

Summary

This is a public statement issued by the Jersey Financial Services Commission (JFSC) under Article 43 of the Insurance Business (Jersey) Law 1996, warning the public about unauthorised insurance activity connected to Blue Swan Insurance (Jersey) Limited. It confirms that the company's permit to write new general insurance business was withdrawn and that any policies issued after a specified date are unauthorised.

• Background: Blue Swan Insurance (Jersey) Limited was authorised on 23 February 2004 to carry on general insurance business of classes 1 and 2 under Article 7 of the Law.
• Permit condition: The Commission imposed a condition requiring the company to cease writing new business of any general insurance class with effect from 21 November 2005.
• Investigation finding: In January 2006 the Commission found that the website www.blueswaninsurance.co.uk appeared to be offering policies in the company's name without directors' permission.
• Effect on policies: Any insurance offered or issued with an effective date on or after 21 November 2005 is unauthorised and in contravention of Article 7(5) and (6) of the Law, potentially leaving policyholders with no cover.
• Current status: Blue Swan Insurance (Jersey) Limited is closed to new business and is no longer authorised to write new policies or renew existing ones.

The statement serves purely as a public warning; it does not impose new ongoing compliance obligations on other regulated entities, though it directs the public to the Commission's website for a list of properly authorised insurers.

Applies to

insurance businesses, policyholders (as warned parties)

Deadlines

• 21 November 2005: Date from which Blue Swan Insurance (Jersey) Limited was required to cease writing new general insurance business; any policies issued on or after this date are unauthorised.