Financial Services (General Insurance Mediation Business (Exemptions)) (Jersey) Order 2005

Summary

This Order, made under the Financial Services (Jersey) Law 1998, creates limited exemptions from the requirement to be registered for carrying on general insurance mediation business in or from Jersey. It applies specifically to 'overseas persons' (those with no place of business in Jersey and not incorporated in Jersey) and sets out two distinct exemption grounds.

• Existing contracts exemption: An overseas person is exempt from registration where it gives advice or assistance in administering or performing a contract of insurance that was already in existence on 21 January 2005 (the relevant commencement date). This transitional exemption ceases 12 months after that date or, if later, on the date the contract may next be renewed.
• Agent, representative or unsolicited business exemption: An overseas person is also exempt where the business is carried on to effect or administer a contract with a Jersey incorporated insurance undertaking authorised under the Insurance Business (Jersey) Law 1996; or the business results from an unsolicited approach by a person in Jersey; or the overseas person acts as agent under an agreement with a person or body corporate based or incorporated outside Jersey, for a principal resident or incorporated in Jersey.

The Order does not impose new duties beyond defining who may rely on these registration exemptions and the conditions attached to each. It remains in force as consolidated and applies only to the narrow categories of overseas persons and arrangements described.

Key obligations

• An overseas person relying on the existing-contracts exemption must ensure the relevant contract was in existence on 21 January 2005 and must cease relying on the exemption 12 months after that date or on the contract's next renewal date, whichever is later.
• An overseas person relying on the agent/representative/unsolicited business exemption must ensure its activity falls strictly within one of the specified conditions (dealings with an authorised Jersey-incorporated insurer, genuinely unsolicited business, or a qualifying agency arrangement) to remain exempt from registration.

Applies to

overseas persons carrying on general insurance mediation business, insurance undertakings incorporated in Jersey and authorised under the Insurance Business (Jersey) Law 1996

Deadlines

• 21 January 2005: Relevant commencement date; the existing-contracts exemption applies only to insurance contracts already in existence on this date.
• 12 months after the relevant commencement date: The existing-contracts exemption ceases to apply after this period, or on the contract's next renewal date if that occurs later.

Related documents

• This document is made under Financial Services (Jersey) Law 1998