IMF Staff Country Reports

Jersey: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles

Publication Date:

September 14, 2009

Electronic Access:

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Summary:

This report presents a Detailed Assessment of the Observance of the Insurance Core Principles Report on Jersey. Other than the international business, most cover is obtained from insurers based overseas by the large insurance broker community on the island. There is no ombudsman and no policyholder compensation arrangements for insurance business on the island. Jersey has its own company’s legislation, but has no local accounting or actuarial standard-setting bodies and it looks to other jurisdictions, especially the United Kingdom, for its framework of accounting, auditing, and actuarial standards.

Series:

Country Report No. 2009/283

Subject:

Anti-money laundering and combating the financing of terrorism (AML/CFT) Crime Financial institutions Financial regulation and supervision Financial sector policy and analysis Insurance Insurance companies Insurance Core Principles Solvency