Insurance Business Fees Notice 2023

Summary

This notice sets out the fees payable under the Insurance Business (Jersey) Law 1996 for permit holders and applicants carrying on insurance business in Jersey, effective from 1 October 2023. It has since been superseded by a later fees notice. It covers application fees, annual fees, registration change fees, transfer of business fees, and penalties for late payment or late filing.

• Application fee: Payable when applying for a permit to carry on insurance business, with the amount set by permit category (A or B) and business type, per Schedule 1.
• Annual fee: Payable by every permit holder on 1 October each year, with the fee due by 31 October the same year, per Schedule 2.
• Registration change fee: A fee of £2,730 applies where a category B insurance company or LLP converts to a cell company or cell structure; a fee of £2,595 applies for the reverse conversion from a cell company/cell to a limited company or LLP.
• Transfer of insurance business fee: A fee of £10,945 is payable by a permit holder undertaking a transfer of insurance business, due when draft transfer documentation is submitted, ahead of the Direction Hearing.
• Late payment fee: An additional 5% of the unpaid annual fee is charged if not received by the due date, reapplied on the first day of each subsequent month the fee remains unpaid.
• Late filing fee: A fee of £100 per complete month or part thereof applies if a permit holder fails to file or deliver a required document by its due date, unless the JFSC has agreed in writing to a later filing date.

Key obligations

• Permit holders must pay the annual fee by 1 October each year, with payment due by 31 October of the same year.
• Permit holders undergoing a transfer of insurance business must pay a £10,945 fee at the time draft transfer documentation is submitted, before the Direction Hearing.
• Insurance companies or LLPs converting their registration to or from a cell company or cell structure must pay the applicable registration change fee (£2,730 or £2,595).
• Permit holders who fail to file or deliver required documents on time must pay a £100 late filing fee per month or part month of delay, unless the JFSC has agreed in writing to a later filing date.
• Permit holders who do not pay the annual fee by the due date must pay an additional 5% late payment fee on the unpaid amount, reapplied monthly until paid.

Applies to

insurance permit holders, applicants for insurance business permits, category A permit holders, category B permit holders, cell companies, cells, limited companies carrying on insurance business, limited liability partnerships carrying on insurance business

Deadlines

• 1 October of each year: Annual fee becomes payable by permit holders.
• 31 October in the same year: Due date for payment of the annual fee.
• 1 October 2023: Commencement date from which the fees in this notice are effective.

Related documents

• Insurance Business Fees Notice 2024 replaces this document