Jersey: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles
IMF Staff Country Reports, September 14, 2009
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- Jersey: Financial Sector Assessment Program Update: Detailed Assessment of Observance of the Insurance Core Principles
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Bibliographic details
- Published: September 14, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451820263.002
Summary / Purpose
- Presents a Detailed Assessment of the Observance of the Insurance Core Principles Report on Jersey.
- Focuses on insurance market coverage, supervisory framework, and standards used for accounting, auditing, and actuarial practice.
Market structure and coverage
- 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 for insurance business on the island.
- There are no policyholder compensation arrangements for insurance business on the island.
Regulatory and standards framework
- Jersey has its own company’s legislation.
- Jersey has no local accounting or actuarial standard-setting bodies and looks to other jurisdictions, especially the United Kingdom, for its framework of accounting, auditing, and actuarial standards.
Key thematic areas covered (as listed)
- 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
Keywords and supervisory focus areas
- Africa
- Anti-money laundering and combating the financing of terrorism (AML/CFT)
- business permit
- category B firm
- CR
- Global
- Insurance
- insurance business
- insurance code
- Insurance companies
- Insurance Core Principles
- ISCR
- Jersey insurance market
- JFSC staff
- JFSC supervision
- life insurer
- portfolio transfer
- risk assessment
- risk model
- Solvency
- solvency requirement
- supervisory authority