Approval of Insurance Business.

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A decision made (28/06/2006) regarding Approval of the Insurance Business (Amendment No. 5) (Jersey) Law 200-.

Subject:	Insurance Business (Amendment No.5) (Jersey) Law 200-
Decision Reference:	MD-E-2006-0113		Exempt clause(s):
Type of Report: (oral or written)	Written		Person Giving Report (if oral):
Telephone or e-mail Meeting?			Report File ref:
Written report – Title	Insurance Business (Amendment No.5) (Jersey) Law 200-
Written report – Author (name and job title)	Paul de Gruchy, Director, Finance Industry Development
Decision(s): To approve the Insurance Business (Amendment No.5) (Jersey) Law 200-, and instruct the Director, Finance Industry Development, to notify the Publications Editor and the Assistant Greffier of the States that the Amendment can be lodged for consideration by the States at the earliest opportunity.
Reason(s) for decision: The changes proposed will replace an existing provision of the Law that requires the Royal Court to ask, when faced with an application for the transfer of insurance business in Jersey, whether the Minister has any comment to make with a requirement that that question be addressed to the Commission. This is sensible, as insurance business is a highly technical area, and only the Commission has the expertise required to evaluate the actuarial report in relation to an insurance transfer and form a view as to whether existing policy holders in Jersey are adequately protected within the proposal. The Commission and the Court will provide natural safeguards to ensure that such persons are not prejudiced by any transfer.
Action required: Paul de Gruchy to request the Publications Editor and the Assistant Greffier of the States to lodge the draft amendment with a view to the amendment receiving States approval at the earliest opportunity.
Signature: Senator Philip Ozouf (Minister)		Date of Decision: 28 June 2006