Insurance Business Fees Notice 2024

Summary

This notice sets out the fees payable under the Insurance Business (Jersey) Law 1996 for the period from 1 October 2024 to 31 December 2024. It applies to permit holders and applicants carrying on insurance business in Jersey, including Category A and Category B permit holders, cell companies and cells. It has since been superseded by a later fees notice.

• Application fees: Set out in Schedule 1, varying by permit category (A or B) and whether long-term or general business is included, and whether the applicant is a cell company or cell.
• Annual fees: Set out in Schedule 2; payable by permit holders on 1 October each year, with a due date of 31 October the same year.
• Registration change fees: £2,894 payable when a Category B insurance company or LLP converts to a cell company or cell registration; £2,571 payable when a cell company or cell converts to a limited company or LLP registration.
• Transfer of insurance business fee: £11,602 payable when a permit holder undertakes a Transfer of Insurance Business, due at submission of draft documentation ahead of the Direction Hearing.
• Late payment fee: An additional 5% of the unpaid annual fee principal is charged if not received by the due date, applied on the day after the due date and on the first day of each following month.
• Late filing fee: £100 per complete month or part thereof for failure to file or deliver a required document by its due date, unless the JFSC has agreed in writing to a later date.

Key obligations

• A permit holder must pay the annual fee set out in Schedule 2 by 31 October each year (payable from 1 October).
• A permit holder must pay a £2,894 registration change fee when converting from a limited company or LLP registration to a cell company or cell under a Category B permit.
• A permit holder must pay a £2,571 registration change fee when converting from a cell company or cell registration to a limited company or LLP under a Category B permit.
• A permit holder planning a Transfer of Insurance Business must pay a £11,602 fee at the time of submitting draft transfer documentation, in advance of the Direction Hearing.
• A permit holder that fails to file or deliver a required document by its due date must pay £100 for each complete month or part month the document remains outstanding, unless the JFSC has agreed in writing to a later filing date.
• A permit holder must pay a late payment fee of 5% of any unpaid annual fee principal if not paid by the due date, reapplied monthly.

Applies to

insurance permit holders (Category A), insurance permit holders (Category B), cell companies, cells, limited liability partnerships carrying on insurance business, applicants for a permit to carry 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 2024 - 31 December 2024: Period for which the fees in this notice and its schedules are effective.

Related documents

• This document replaces Insurance Business Fees Notice 2023
• Insurance Business Fees Notice 2025 replaces this document