Unless otherwise defined, the following terms when used in the Code shall have the meanings set out below. If not defined below or elsewhere in the Code, terms, where relevant, have the same meanings as are ascribed to them in the IB(J)L.
All terms which appear in this Glossary are reflected in the Code utilising italic text. Guidance to the Code in the form of “Notes” has been placed in a box to highlight its status.
Anti-money laundering legislation
Includes the Proceeds of Crime (Jersey) Law 1999, the Money Laundering (Jersey) Order 2008 (the 魔兽角色名Money Laundering Order魔兽角色名) and the Terrorism (Jersey) Law 2002, as well as any other applicable Laws and United Nations or European Union Sanctions Orders applied within Jersey, all as amended from time to time
Means the Cessation of Business Plan
Means the Code of Practice for Insurance Business
Means any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a service that relates to insurance business carried on by the permit holder, which alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience.
Means Continuing Professional Development
Means the Rehabilitation of Offenders (Exceptions) (Jersey) Regulations 2002, as amended
Means the Insurance Business (Jersey) Law 1996, as amended
Means Jersey Financial Services Commission.
Has the same meaning as provided by Article 1 of the IB(J)L
Long term business
Money Laundering Order
Means the Money Laundering (Jersey) Order 2008, as amended
Net free assets
Means total assets less total liabilities
Means a person granted a permit under Article 7 of the IB(J)L to carry on insurance business in or from within Jersey
? ? A chief executive and shareholder controller as defined in Article 1 of the IB(J)L;
? ? The actuary appointed in line with Article 25 of the IB(J)L; AND
? ? Any person intending to act as a director.
Means the legislative and regulatory requirements established in a jurisdiction that are relevant to a permit holder
Relevant AML/CFT Handbook
Means the relevant Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism, issued by the JFSC
Means the Insurance Business (Solvency Margin) (Jersey) Order 1996, as amended from time to time
魔兽角色名Power exercised and scope魔兽角色名
The Code of Practice for Insurance Business (the 魔兽角色名Code魔兽角色名) is issued by the Jersey Financial Services Commission (the 魔兽角色名JFSC魔兽角色名) in accordance with the powers given to it by Article 42 of the Insurance Business (Jersey) Law 1996, as amended (the 魔兽角色名IB(J)L魔兽角色名). The Code has been prepared and issued for the purpose of setting out the principles and detailed requirements that must be complied with in the conduct of insurance business.
The Code applies to persons granted a permit under Article 7 of the IB(J)L to carry on insurance business in or from within Jersey (a 魔兽角色名permit holder魔兽角色名).
Article 7 of the IB(J)L establishes threshold conditions that apply on an on-going basis – the fit and proper assessment – to permit holders and Category B principal persons with the exception of the actuary. This assessment process includes consideration of integrity, competence, financial standing, structure and organisation.
The JFSC has published a Policy Statement:? Licensing Policy in respect of those that require a permit under the IB(J)L. Part 2 of which provides further information on The JFSC’s “fit and proper” assessment, and paragraph 魔兽角色名4.5 魔兽角色名of which highlights the continuing nature of the fit and proper assessment. The Code assists the JFSC with its on-going consideration of the fitness and propriety of a permit holder by setting out actions that a permit holder must or must not undertake, which it can then be assessed against.
Where the Code requires a permit holder to provide information to the JFSC, such requirement is established in accordance with the powers provided by Article 8 of the Financial Services Commission (Jersey) Law 1998.
魔兽角色名Arrang魔兽角色名魔兽角色名e魔兽角色名魔兽角色名ment of the 魔兽角色名魔兽角色名Code 魔兽角色名
The Code provides enforceable requirements in the form of high level principles supported by detailed rules in the areas of corporate governance, conduct of business and prudential matters and are arranged under seven principles, as described below:
1. A permit holder must conduct its business with integrity.
2. A permit holder must have due regard for the interests of its policyholders.
3. A permit holder must organise and control its affairs effectively for the proper performance of its business and be able to demonstrate the existence of adequate risk management systems.
4. A permit holder must be transparent in its business arrangements.
5. A permit holder must maintain and be able to demonstrate the existence of adequate capital resources to enable it to meet its insurance liabilities.
6. A permit holder must deal with the JFSC in an open and co-operative manner.
7. A permit holder must not make statements that are misleading, false or deceptive.
Each section of the Code is designed to be understood by reference to its full text including any notes.
魔兽角色名Compliance with the Code魔兽角色名
The Code should be read by permit holders in conjunction with the IB(J)L and its subordinate legislation, together with any conditions attached to a permit held under the IB(J)L, and the relevant Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism, issued by the JFSC (the 魔兽角色名relevant AML/CFT Handbook魔兽角色名).
It is the responsibility of a permit holder not only to comply with the Code, but also to implement such additional practices as it considers necessary for the proper management and control of its business. Where a permit holder considers that it may not be able to achieve full compliance with the Code for a temporary period (for example, for a short period after first being licensed) it should, in advance, agree a plan of action (to include timescales) with the JFSC to bring itself into full compliance with the Code. However, in circumstances where strict adherence to the Code would be at variance with regulatory requirements in the home jurisdiction (Category A permit holders) or produce an anomalous result, permit holders may apply to the JFSC for a variation from the Code; this is in addition to those areas of the Code which specifically provide for a permit holder to apply for a variance to the Code.
Methods of compliance with the provisions of the Code will vary depending on the type of insurance business permit held, the home jurisdiction of a permit holder, the classes of business written and the extent of the permit holder’s physical presence in the Island:
1. A Category A permit holder will be subject to the regulatory framework prescribed in its home jurisdiction and that of Jersey. As a result it must therefore satisfy itself that its conduct, procedures, controls and risk management systems comply with the regulatory framework of its home jurisdiction and that of Jersey. Compliance with the home regulatory framework will usually be sufficient to meet a permit holder’s obligations in Jersey. However, should any significant differences emerge between requirements of the home jurisdiction and that of Jersey, which would result in non-compliance with the Code; they must be brought to the attention of the JFSC for discussion and resolution.
2. A Category B permit holder that has subsidiaries or branches outside Jersey, or that makes its products available outside Jersey, must ensure, as far as possible, that Jersey’s regulatory framework, including the provisions of the Code, are applied to those subsidiaries or branches. In the event that the regulatory framework in the jurisdiction outside Jersey prevents compliance with the Code, this must be brought to the attention of the JFSC for discussion and resolution.
Failure by a permit holder to comply with the Code represents grounds for the JFSC to take regulatory action. Where the JFSC has reason to believe that at any time there has been a failure on the part of a permit holder to comply with the Code, it may consider making use of its regulatory powers, which, in serious cases, could include the cancellation of the insurance business permit.
In addition, failure to comply with the Code may support a decision by the JFSC that, for example, continued non-compliance or other failure to remedy the circumstances giving rise to the breach, may be addressed by the issue of a specific, additional permit condition under Article 7 of the IB(J)L or by a direction issued under Article 36 of the IB(J)L. Such a permit condition or direction might impose requirements on a permit holder to do or not to do specified things, including the removal of specified individuals or the cessation of business. In appropriate circumstances a direction can be made public by virtue of Article?43(2)(a) of the IB(J)L. The JFSC also has the power under Article 21A of the Financial Services Commission (Jersey) Law 1998 to impose financial penalties for significant and material contraventions of the Code.
When considering the failure of a permit holder to comply with the Code the JFSC places emphasis on whether or not a permit holder conducts its business with integrity and deals with the JFSC in an open and co-operative manner.
Whilst Article 42(3) of the IB(J)L provides that the contravention of the Code shall not of itself render any person liable to proceedings of any kind (excluding regulatory action that may be taken by the JFSC in response to a contravention) or invalidate any transaction, the Code shall be admissible in evidence in any proceedings. Article 42(5) clarifies that where a Code provision appears to a court, conducting civil proceedings, to be relevant to any questions arising in the proceedings, it may be taken into account in determining any such questions.
Where it appears to the JFSC that a person has failed to comply with the Code, it may issue a public statement under Article 43(2)(b) of the IB(J)L.
In a number of places the Code requires the JFSC to be advised of a matter “in writing”. For the avoidance of doubt, a notification given by email, or by means of the JFSC’s online portal, will be considered by the JFSC to meet that requirement (unless the particular Code requirement specifies otherwise how a notification “in writing” must be given).
魔兽角色名Revision of the Code 魔兽角色名
In accordance with Article 42(1)(b) of the IB(J)L, the JFSC may, after consultation with such persons or bodies as appear to be representative of the interests concerned, revise the Code by revoking, varying, amending or adding to its provisions.
In November 2018 the JFSC published Consultation Paper No. 10, proposing a number of amendments to the Code and, in March 2019, published a feedback paper summarising respondents’ comments and the JFSC’s responses.
Rather than detail the amendments here, the JFSC has published a version of the Code that highlights the amendments applied.
This revised Code is effective from 1 June 2019 for all permit holders.
Any person that has made an application to the JFSC which is currently under consideration, should review the Code and contact the JFSC to discuss any areas where compliance on grant of a permit may be an issue.
魔兽角色名1.魔兽角色名1.1 魔兽角色名魔兽角色名 Act or refrain from acting; or
魔兽角色名1.魔兽角色名1.2 魔兽角色名魔兽角色名 Contract or have any other form of arrangement,
So as to avoid, or seek to avoid, any regulatory responsibilities that it may have under the Code and the full consequences at law of not following them unless the Code expressly permits any such avoidance.
魔兽角色名2.魔兽角色名2.1 魔兽角色名魔兽角色名 Be able to demonstrate that it has provided the best advice, or exercised the necessary discretion, that is appropriate to the needs of its policyholders; and
魔兽角色名2.魔兽角色名2.2 魔兽角色名魔兽角色名 Seek from them such information regarding their financial situation and objectives as may be appropriate with regard to the services requested. Documentary evidence must be maintained in this respect.
魔兽角色名2.魔兽角色名3.1 魔兽角色名魔兽角色名 A fact-finding exercise that is recorded in writing and is carried out to identify the most appropriate policy for the applicant’s needs; and
魔兽角色名2.魔兽角色名3.2 魔兽角色名魔兽角色名 A written statement that explains the reasons why a policy is being recommended to an applicant, which is signed by both parties, and a copy made available to the policyholder prior to the policy being taken out.
魔兽角色名2.魔兽角色名4.1 魔兽角色名魔兽角色名 Does not wish to provide the information necessary for the completion of a full fact-finding exercise (2.3.1), with the result that a written statement cannot be produced of the reasons why a particular policy is being recommended (2.3.2), the permit holder must confirm in writing to the applicant that no advice has been given or sought and that the policy has been provided on an “execution only” basis; or?
魔兽角色名2.魔兽角色名4.2 魔兽角色名魔兽角色名 Provides only partial information, the permit holder must provide written confirmation that the policy has been provided following “limited advice”.
魔兽角色名2.魔兽角色名8.1 魔兽角色名魔兽角色名 Ensure any delegation is for a specific purpose and have an expiry date;
魔兽角色名2.魔兽角色名8.2 魔兽角色名魔兽角色名 Monitor the application of the power of attorney, formal agreement or other arrangement; and
魔兽角色名2.魔兽角色名8.3 魔兽角色名魔兽角色名 Ensure that appropriate due diligence has been carried out on the delegatee.
魔兽角色名3.魔兽角色名1.1 魔兽角色名魔兽角色名 A permit holder must operate an effective corporate governance system that must include the following key elements:
魔兽角色名3.魔兽角色名1.魔兽角色名1.1 魔兽角色名魔兽角色名魔兽角色名 An adequate regulatory i of control must exist, at all times, that is appropriate to the nature of the business. Permit holders must be controlled by at least three appropriately qualified and experienced people.
魔兽角色名3.魔兽角色名1.魔兽角色名1.2 魔兽角色名魔兽角色名魔兽角色名 The relationship of directors and managers within the company must be such as to ensure that they can all exercise independent judgement without duress or undue influence from one another in the best interests of policyholders, and so as to secure compliance with the IB(J)L, any Orders made under it, and the Code.
魔兽角色名3.魔兽角色名1.魔兽角色名1.3 魔兽角色名魔兽角色名魔兽角色名 The apportionment of responsibilities among directors (executive and non-executive), key persons, senior managers and employees must be such that their individual responsibilities are clear, there are separated critical functions and the business of the permit holder is adequately monitored and controlled at the appropriate level.
魔兽角色名3.魔兽角色名1.魔兽角色名1.4 魔兽角色名魔兽角色名魔兽角色名 The procedures for the appointment of directors must be documented and in line with the stated structure, functions and accountabilities of the board of directors.
魔兽角色名3.魔兽角色名1.2 魔兽角色名魔兽角色名 With respect to 3.1.1, for Category B permit holders:
魔兽角色名3.魔兽角色名1.魔兽角色名2.1 魔兽角色名魔兽角色名魔兽角色名 Those individuals comprising the regulatory i of control must be actively involved in the day-to-day management of the permit holder and be able to exercise executive powers on behalf of the permit holder. As such, any directors that are not actively involved, “non-executives”, or those who are not locally based, may not form part of the regulatory i of control of a permit holder.
魔兽角色名3.魔兽角色名1.魔兽角色名2.2 魔兽角色名魔兽角色名魔兽角色名 As soon as a permit holder becomes aware that the regulatory i of control requirement will not be maintained they must notify the JFSC in writing. In this respect, where a permit holder has the minimum individuals comprising the regulatory i of control and one of those individuals is absent from the permit holder for a substantial period of time, the permit holder must contact the JFSC to discuss its proposed arrangements such that during this period, the permit holder remains managed and controlled by an appropriate number of locally based individuals.
魔兽角色名3.魔兽角色名1.魔兽角色名2.3 魔兽角色名魔兽角色名魔兽角色名 Where close family members are eligible to form part of the regulatory i of control, only one member may be counted.
魔兽角色名3.魔兽角色名1.3 魔兽角色名魔兽角色名 Clearly defined procedures must be in place so that there is appropriate oversight by the board of directors and senior management in order to address the underlying principles of risk management:
魔兽角色名3.魔兽角色名1.魔兽角色名3.1 魔兽角色名魔兽角色名魔兽角色名 The management must assess the risks present in the business, and they must be documented, as must the ways in which these are monitored and controlled;
魔兽角色名3.魔兽角色名1.魔兽角色名3.2 魔兽角色名魔兽角色名魔兽角色名 Investment, valuation, liquidity and underwriting rules must be documented that set out the limits by type appropriate to the class and volume of business undertaken so as to provide the necessary basis for decisions on individual limits;
魔兽角色名3.魔兽角色名1.魔兽角色名3.3 魔兽角色名魔兽角色名魔兽角色名 The approval of exposure limits and investment procedures must be the responsibility of the Board;
魔兽角色名3.魔兽角色名1.魔兽角色名3.4 魔兽角色名魔兽角色名魔兽角色名 The permit holder must maintain accurate and reliable information systems and timely and appropriate management reporting; and
魔兽角色名3.魔兽角色名1.魔兽角色名3.5 魔兽角色名魔兽角色名魔兽角色名 In addition to assessing the risks present within the business, the permit holder must also carry out a regular review and assessment of the industry conditions and market environment in which it operates, and take appropriate action where necessary.
魔兽角色名3.魔兽角色名1.4 魔兽角色名魔兽角色名 All aspects of corporate governance arrangements must be subject to appropriately regular review to ensure their continuing adequacy in light of the permit holder’s business activities and risk profiles, and include a periodic self-assessment, or external assessment, of the board’s effectiveness.
“A director, in exercising the director’s powers and discharging the director’s duties, shall –
(a) Act honestly and in good faith with a view to the best interests of the company; and
(b) Exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances.
魔兽角色名3.魔兽角色名2.1 魔兽角色名魔兽角色名 A permit holder must maintain effective, documented internal systems and controls (policy and procedures manual) that cover its operations.
魔兽角色名3.魔兽角色名2.2 魔兽角色名魔兽角色名 A permit holder’s internal systems and controls must ensure that:
魔兽角色名3.魔兽角色名2.魔兽角色名2.1 魔兽角色名魔兽角色名魔兽角色名 The business is planned and conducted prudently, and in an orderly manner, in accordance with management policies.
魔兽角色名3.魔兽角色名2.魔兽角色名2.2 魔兽角色名魔兽角色名魔兽角色名 Transactions and commitments are entered into in accordance with laid down general or specific authority.
魔兽角色名3.魔兽角色名2.魔兽角色名2.3 魔兽角色名魔兽角色名魔兽角色名 The assets of the permit holder are safeguarded and the liabilities controlled through measures designed to minimise the risk of loss from irregularities, error and fraud, and to identify any such occurrences promptly.
魔兽角色名3.魔兽角色名2.魔兽角色名2.4 魔兽角色名魔兽角色名魔兽角色名 Adequate, orderly and up-to-date records are kept which must include, but are not necessarily limited to:
3.魔兽角色名2.魔兽角色名2.魔兽角色名4.1 魔兽角色名魔兽角色名魔兽角色名 Its business transactions;
3.魔兽角色名2.魔兽角色名2.魔兽角色名4.2 魔兽角色名魔兽角色名魔兽角色名 Its financial position;
3.魔兽角色名2.魔兽角色名2.魔兽角色名4.3 魔兽角色名魔兽角色名魔兽角色名 Its internal organisation;
3.魔兽角色名2.魔兽角色名2.魔兽角色名4.4 魔兽角色名魔兽角色名魔兽角色名 Its risk management systems;
3.魔兽角色名2.魔兽角色名2.魔兽角色名4.5 魔兽角色名魔兽角色名魔兽角色名 Its board or management minutes; and
3.魔兽角色名2.魔兽角色名2.魔兽角色名4.6 魔兽角色名魔兽角色名魔兽角色名 The relationship between the legal persons/ arrangements forming part of the group subject to registration under the IB(J)L.
魔兽角色名3.魔兽角色名2.魔兽角色名2.5 魔兽角色名魔兽角色名魔兽角色名 The accounting and other records of the permit holder ?capture and record on a timely basis and in an orderly fashion every transaction and commitment into which the permit holder has entered and can be used to compile financial statements, management information and returns in line with the requirements of the IB(J)L and any Orders made under it. Specifically, they must contain sufficient information to explain:
3.魔兽角色名2.魔兽角色名2.魔兽角色名5.1 魔兽角色名魔兽角色名魔兽角色名 The nature and purpose of the transaction or commitment;
3.魔兽角色名2.魔兽角色名2.魔兽角色名5.2 魔兽角色名魔兽角色名魔兽角色名 Any asset or liability, actual or contingent, that arises or may arise; and
3.魔兽角色名2.魔兽角色名2.魔兽角色名5.3 魔兽角色名魔兽角色名魔兽角色名 Any income or expenditure, current or deferred, that arises or may arise.
魔兽角色名3.魔兽角色名2.魔兽角色名2.6 魔兽角色名魔兽角色名魔兽角色名 With respect to 22.214.171.124.1, the records must contain sufficient information to identify:
3.魔兽角色名2.魔兽角色名2.魔兽角色名6.1 魔兽角色名魔兽角色名魔兽角色名 The parties;
3.魔兽角色名2.魔兽角色名2.魔兽角色名6.2 魔兽角色名魔兽角色名魔兽角色名 Amount and currency, and the frequency of payment;
3.魔兽角色名2.魔兽角色名2.魔兽角色名6.3 魔兽角色名魔兽角色名魔兽角色名 The contract, value and maturity dates;
3.魔兽角色名2.魔兽角色名2.魔兽角色名6.4 魔兽角色名魔兽角色名魔兽角色名 The exchange rate of any foreign exchange transaction or commitment;
3.魔兽角色名2.魔兽角色名2.魔兽角色名6.5 魔兽角色名魔兽角色名魔兽角色名 The contracted commission or fee payable or receivable;
3.魔兽角色名2.魔兽角色名2.魔兽角色名6.6 魔兽角色名魔兽角色名魔兽角色名 The nature and current value of any assets that specifically support any liability, the physical location of such assets and the appropriate documentation; and
3.魔兽角色名2.魔兽角色名2.魔兽角色名6.7 魔兽角色名魔兽角色名魔兽角色名 In the case of any borrowing, whether it is subordinated, and the nature and value of any asset upon which the borrowing is secured.
魔兽角色名3.魔兽角色名2.魔兽角色名2.7 魔兽角色名魔兽角色名魔兽角色名 Financial and business information can be extracted promptly to enable directors and senior management to:
3.魔兽角色名2.魔兽角色名2.魔兽角色名7.1 魔兽角色名魔兽角色名魔兽角色名 Identify, measure, monitor and control the quality of the permit holder’s assets and safeguard them;
3.魔兽角色名2.魔兽角色名2.魔兽角色名7.2 魔兽角色名魔兽角色名魔兽角色名 Identify, measure, monitor and control its obligations to policyholders;
3.魔兽角色名2.魔兽角色名2.魔兽角色名7.3 魔兽角色名魔兽角色名魔兽角色名 Identify, measure, monitor and control its exposure to liquidity, foreign exchange, timing differences and other market risks;
3.魔兽角色名2.魔兽角色名2.魔兽角色名7.4 魔兽角色名魔兽角色名魔兽角色名 Monitor its solvency and its reserves;
3.魔兽角色名2.魔兽角色名2.魔兽角色名7.5 魔兽角色名魔兽角色名魔兽角色名 Monitor the performance of all aspects of its business on an up-to-date basis; and
3.魔兽角色名2.魔兽角色名2.魔兽角色名7.6 魔兽角色名魔兽角色名魔兽角色名 Make timely and informed decisions.
魔兽角色名3.魔兽角色名2.魔兽角色名2.8 魔兽角色名魔兽角色名魔兽角色名 Management is able to monitor the adequacy and quality of the permit holder’s assets, liabilities, liquidity and profitability.
魔兽角色名3.魔兽角色名2.魔兽角色名2.9 魔兽角色名魔兽角色名魔兽角色名 Management is able to identify, regularly assess, and where appropriate quantify, the risk of loss in the business so that any necessary provisions can be made for bad or doubtful debts and for any other exposures both on and off balance sheet.
魔兽角色名3.魔兽角色名2.魔兽角色名2.10 魔兽角色名魔兽角色名魔兽角色名 Adequate business resumption, disaster recovery and contingency arrangements are in place and are tested at appropriate intervals.
魔兽角色名3.魔兽角色名2.魔兽角色名2.11 魔兽角色名魔兽角色名魔兽角色名 Sufficient access controls exist to protect the confidentiality and integrity of electronic data.
魔兽角色名3.魔兽角色名2.魔兽角色名2.12 魔兽角色名魔兽角色名魔兽角色名 The permit holder complies with the Code and other regulatory requirements, specifically that it complies with all relevant legislation and guidance to counter money laundering and the financing of terrorism with respect to long term insurance business. The legislation must be observed in conjunction with the standards set out in the relevant AML/CFT Handbook.
魔兽角色名3.魔兽角色名2.魔兽角色名2.13 魔兽角色名魔兽角色名魔兽角色名 A Category B permit holder must provide an annual declaration to the JFSC, with its audited financial statements, which is signed by a Director, on behalf of the permit holder, and presented using the template attached as the First Schedule to the Code. The declaration must confirm that the permit holder has complied, or if not in compliance the details of the non?compliance, in respect of:
3.魔兽角色名2.魔兽角色名2.魔兽角色名13.1 魔兽角色名魔兽角色名魔兽角色名The relevant regulatory and anti-money laundering legislation;
3.魔兽角色名2.魔兽角色名2.魔兽角色名13.2 魔兽角色名魔兽角色名魔兽角色名The relevant AML/CFT Handbook;
3.魔兽角色名2.魔兽角色名2.魔兽角色名13.3 魔兽角色名魔兽角色名魔兽角色名Other regulations and guidelines, and the Code.
魔兽角色名3.魔兽角色名2.魔兽角色名2.14 魔兽角色名魔兽角色名魔兽角色名 Adequate procedures are in place for controlling changes to systems and records to ensure that only valid changes are made.
魔兽角色名3.魔兽角色名2.魔兽角色名2.15 魔兽角色名魔兽角色名魔兽角色名 A Category B permit holder must comply with the JFSC’s policy on outsourcing as may be updated from time to time.
魔兽角色名3.魔兽角色名2.3 魔兽角色名魔兽角色名 Under no circumstances shall a permit holder provide loans to an independent intermediary or to any of that intermediary’s directors or staff. (In the case of Category A permit holders, this provision is only relevant to Jersey-based independent intermediaries or to any of those intermediaries’ directors or staff). Any gifts or entertainment provided by a permit holder must be limited in value and frequency so as not to be construed as an inducement for the provision of insurance business to the detriment of the principle of best advice to policyholders.
魔兽角色名3.魔兽角色名2.4 魔兽角色名魔兽角色名 Where a permit holder provides seminars and other training to the directors and staff of intermediaries for the purpose of ensuring that policies are properly sold, such training may include associated travel and accommodation costs.
魔兽角色名3.魔兽角色名2.5 魔兽角色名魔兽角色名 A Category B permit holder must maintain an effective, documented system of internal control including, where appropriate, operations manuals for employees, in English and kept within Jersey.
魔兽角色名3.魔兽角色名2.6 魔兽角色名魔兽角色名 The control objectives in section 3.2.1 above apply equally to the operations undertaken in both manual and electronic environments. Special controls are required to address the unique risks encountered with computer systems, although these risks are not exclusive to the area of computer operations.
魔兽角色名3.魔兽角色名2.7 魔兽角色名魔兽角色名 In respect of 3.2.2, the internal systems and controls must facilitate preparation of information for directors and management so that they can monitor, assess and control the performance of the permit holder, the state of its affairs and the risks to which it is exposed. Information must be prepared on an individual business basis and, where appropriate, on a consolidated basis. Management information must be prepared:
魔兽角色名3.魔兽角色名2.魔兽角色名7.1 魔兽角色名魔兽角色名魔兽角色名 To show the state of affairs of the permit holder;
魔兽角色名3.魔兽角色名2.魔兽角色名7.2 魔兽角色名魔兽角色名魔兽角色名 To show the overall solvency of the permit holder;
魔兽角色名3.魔兽角色名2.魔兽角色名7.3 魔兽角色名魔兽角色名魔兽角色名 To show the operational results of the permit holder both on a cumulative basis and by discrete period, and to give a comparison with budgets and relevant previous periods;
魔兽角色名3.魔兽角色名2.魔兽角色名7.4 魔兽角色名魔兽角色名魔兽角色名 To provide an analysis of assets and liabilities, showing how they have been valued;
魔兽角色名3.魔兽角色名2.魔兽角色名7.5 魔兽角色名魔兽角色名魔兽角色名 To provide an analysis of any off-balance sheet positions, showing how they have been valued;
魔兽角色名3.魔兽角色名2.魔兽角色名7.6 魔兽角色名魔兽角色名魔兽角色名 To provide an analysis of income and expenditure, showing how the income and expenditure relates to the different categories of asset and liability and to policyholders’ and shareholders’ funds; and
魔兽角色名3.魔兽角色名2.魔兽角色名7.7 魔兽角色名魔兽角色名魔兽角色名 To show the permit holder’s exposure to each type of risk, compared to the relevant limits set by management.
魔兽角色名3.魔兽角色名3.1 魔兽角色名魔兽角色名 The senior management (most often the board of directors) of the permit holder is responsible for ensuring that it has robust arrangements for compliance with the regulatory framework. These must include:
魔兽角色名3.魔兽角色名3.魔兽角色名1.1 魔兽角色名魔兽角色名魔兽角色名 Approval of a compliance policy;
魔兽角色名3.魔兽角色名3.魔兽角色名1.2 魔兽角色名魔兽角色名魔兽角色名 Establishment of a permanent and effective compliance function, whose responsibilities are formally documented;
魔兽角色名3.魔兽角色名3.魔兽角色名1.3 魔兽角色名魔兽角色名魔兽角色名 Assessment, on at least an annual basis, of the extent to which compliance risk is managed effectively; and
魔兽角色名3.魔兽角色名3.魔兽角色名1.4 魔兽角色名魔兽角色名魔兽角色名 Appointment, as its Compliance Officer, of an appropriately skilled and experienced person.
魔兽角色名3.魔兽角色名3.2 魔兽角色名魔兽角色名 The compliance function must:
魔兽角色名3.魔兽角色名3.魔兽角色名2.1 魔兽角色名魔兽角色名魔兽角色名 Have appropriate independence;
魔兽角色名3.魔兽角色名3.魔兽角色名2.2 魔兽角色名魔兽角色名魔兽角色名 Have direct access to the permit holder’s Jersey management board or equivalent;
魔兽角色名3.魔兽角色名3.魔兽角色名2.3 魔兽角色名魔兽角色名魔兽角色名 Have unfettered access to all business and support departments and information necessary to properly discharge their responsibilities;
魔兽角色名3.魔兽角色名3.魔兽角色名2.4 魔兽角色名魔兽角色名魔兽角色名 Act as the principal point of contact for employees on day-to-day regulatory matters; and
魔兽角色名3.魔兽角色名3.魔兽角色名2.5 魔兽角色名魔兽角色名魔兽角色名 Be able to devote sufficient time and have sufficient resources to discharge properly the responsibilities of the function, including implementation of the compliance policy.
魔兽角色名3.魔兽角色名3.3 魔兽角色名魔兽角色名 The permit holder must ensure the Compliance Officer is responsible for:
魔兽角色名3.魔兽角色名3.魔兽角色名3.1 魔兽角色名魔兽角色名魔兽角色名 Ensuring the appropriate monitoring of operational performance and managing regulatory and compliance risk within the permit holder including:
3.魔兽角色名3.魔兽角色名3.魔兽角色名1.1 魔兽角色名魔兽角色名魔兽角色名 Monitoring that the internal policies and procedures are being consistently and effectively adhered to;
3.魔兽角色名3.魔兽角色名3.魔兽角色名1.2 魔兽角色名魔兽角色名魔兽角色名 Assessing, and recommending amendments to, internal systems, controls, policies and procedures which facilitate compliance with the regulatory framework; and
3.魔兽角色名3.魔兽角色名3.魔兽角色名1.3 魔兽角色名魔兽角色名魔兽角色名 Where appropriate, promptly instigating action to remedy any deficiencies in such arrangements;
魔兽角色名3.魔兽角色名3.魔兽角色名3.2 魔兽角色名魔兽角色名魔兽角色名 Providing senior management and the board of directors of the permit holder with regular reports in respect of the permit holder’s compliance with the requirements of the IB(J)L, Orders (issued under the IB(J)L) and the Code; and
魔兽角色名3.魔兽角色名3.魔兽角色名3.3 魔兽角色名魔兽角色名魔兽角色名 Acting as the principal point of contact with the JFSC on day?to-day regulatory matters, unless otherwise agreed with the JFSC.
魔兽角色名3.魔兽角色名3.4 魔兽角色名魔兽角色名 The Compliance Officer must:
魔兽角色名3.魔兽角色名3.魔兽角色名4.1 魔兽角色名魔兽角色名魔兽角色名 Be based in Jersey, except for Category A permit holders where the Compliance Officer may be based in the home jurisdiction;
魔兽角色名3.魔兽角色名3.魔兽角色名4.2 魔兽角色名魔兽角色名魔兽角色名 Be an individual operating under a contract of employment directly with the permit holder or another company within the same group;
魔兽角色名3.魔兽角色名3.魔兽角色名4.3 魔兽角色名魔兽角色名魔兽角色名 Have sufficient experience and skills, which includes holding an appropriate compliance qualification or other qualification, or be studying towards such a qualification; and
魔兽角色名3.魔兽角色名3.魔兽角色名4.4 魔兽角色名魔兽角色名魔兽角色名 Have appropriate status and authority within the permit holder to ensure that senior management and the board of directors of the permit holder react to and determine whether to act upon his or her recommendations.
魔兽角色名3.魔兽角色名3.5 魔兽角色名魔兽角色名 In the event that a Compliance Officer is temporarily unable to fulfil his or her responsibilities, the permit holder must notify the JFSC and designate an appropriately skilled and experienced alternative. Notification must be made, in writing, as soon as the permit holder becomes aware that the compliance officer will be temporarily unable to fulfil their responsibilities.
魔兽角色名3.魔兽角色名4.1 魔兽角色名魔兽角色名 A permit holder must ensure that it has appropriate record keeping arrangements for compliance with the applicable legislation (including anti?money laundering legislation and company legislation) and regulatory requirements, set by the Code or the relevant AML/CFT Handbook.
魔兽角色名3.魔兽角色名4.2 魔兽角色名魔兽角色名 A permit holder is expected to maintain its books and records in a language understood by the employees of the business. These must be translated into English at the request of the JFSC. A permit holder must be able to readily retrieve them in Jersey and, if kept otherwise than in legible form, maintain them so as to be readable at a computer terminal in Jersey so that they may be produced in legible form without delay.
魔兽角色名3.魔兽角色名4.3 魔兽角色名魔兽角色名 A permit holder must have a clearly documented policy and procedure regarding record retention that includes:
魔兽角色名3.魔兽角色名4.魔兽角色名3.1 魔兽角色名魔兽角色名魔兽角色名 Periodic review of the accessibility and condition of paper and electronic records;
魔兽角色名3.魔兽角色名4.魔兽角色名3.2 魔兽角色名魔兽角色名魔兽角色名 The adequacy of the safekeeping of records; and
魔兽角色名3.魔兽角色名4.魔兽角色名3.3 魔兽角色名魔兽角色名魔兽角色名 Periodic testing of procedures relating to the retrieval of records.
魔兽角色名3.魔兽角色名4.4 魔兽角色名魔兽角色名 A permit holder that is ceasing to conduct insurance business is required to arrange appropriate record keeping arrangements as part of a cessation of business plan.
魔兽角色名3.魔兽角色名4.5 魔兽角色名魔兽角色名 A permit holder must maintain an audit trail of material changes to the policies and procedures manual that covers the operation of the business, which is updated as required. When updates are made, the effective date of such updates must be recorded and the superseded records maintained.
魔兽角色名3.魔兽角色名4.6 魔兽角色名魔兽角色名 The period for which business records must be kept is the later of:
魔兽角色名3.魔兽角色名4.魔兽角色名6.1 魔兽角色名魔兽角色名魔兽角色名 The period required for any particular record by any law;
魔兽角色名3.魔兽角色名4.魔兽角色名6.2 魔兽角色名魔兽角色名魔兽角色名 The relevant AML/CFT Handbook; or
魔兽角色名3.魔兽角色名4.魔兽角色名6.3 魔兽角色名魔兽角色名魔兽角色名 Where records relate to significant corporate governance matters, such as management meeting minutes and risk assessment matters, or are records relating to requirements established by the Code - ten years from the date of the record.
魔兽角色名3.魔兽角色名4.7 魔兽角色名魔兽角色名 A permit holder is expected to keep adequate, orderly and up-to-date policyholder records which are in line with the requirements established by Part?4 of the Money Laundering Order for long term business and as set out in the relevant AML/CFT Handbook.
魔兽角色名3.魔兽角色名4.8 魔兽角色名魔兽角色名 Where the Code requires policyholder related records to be kept, which are in addition to the records required by the Money Laundering Order, these must be kept for at least five years from the date of the event to which the record relates.
魔兽角色名3.魔兽角色名5.1 魔兽角色名魔兽角色名 Where this section applies, Category B permit holders must have in place an appropriate policy for the use of derivatives, formulated, approved and regularly reviewed for adequacy by the board of directors. The policy must be consistent with the permit holder’s activities, its overall strategic investment policy, its asset/liability management strategy and its risk tolerance.
魔兽角色名3.魔兽角色名5.2 魔兽角色名魔兽角色名 The policy must address:
魔兽角色名3.魔兽角色名5.魔兽角色名2.1 魔兽角色名魔兽角色名魔兽角色名 The purposes for which derivatives may be used;
魔兽角色名3.魔兽角色名5.魔兽角色名2.2 魔兽角色名魔兽角色名魔兽角色名 The establishment of appropriately structured exposure limits, taking into account the uncertainty caused by market, credit, liquidity, operational and legal risk;
魔兽角色名3.魔兽角色名5.魔兽角色名2.3 魔兽角色名魔兽角色名魔兽角色名 The extent to which the holding of some types of derivative is restricted, for example where the potential exposure cannot be reliably measured, where independent verification of pricing is not available or where the product may not easily be marketable (as may be the case with over the counter derivatives);
魔兽角色名3.魔兽角色名5.魔兽角色名2.4 魔兽角色名魔兽角色名魔兽角色名 The responsibilities of the directors and management with regard to the use of derivatives, and the necessary qualifications and experience required of those directors and staff managing and dealing with such transactions;
魔兽角色名3.魔兽角色名5.魔兽角色名2.5 魔兽角色名魔兽角色名魔兽角色名 A framework of accountability for derivatives functions, so that such activities are properly overseen and regularly reviewed by the board and by internal and external audit; and
魔兽角色名3.魔兽角色名5.魔兽角色名2.6 魔兽角色名魔兽角色名魔兽角色名 The appropriate segregation of duties between those staff who initiate derivative transactions and those who measure, monitor and settle them. Pricing must follow market conventions, and be independently verified where the use of over the counter derivatives is permitted.
魔兽角色名3.魔兽角色名5.3 魔兽角色名魔兽角色名 A Category B permit holder must have comprehensive systems in place, forming part of its wider investment risk management systems, for the identification, measurement, control and reporting of derivatives and other assets and/or liabilities that the permit holder is required to publicly disclose.
魔兽角色名3.魔兽角色名5.4 魔兽角色名魔兽角色名 A Category B permit holder must have systems in place that:
魔兽角色名3.魔兽角色名5.魔兽角色名4.1 魔兽角色名魔兽角色名魔兽角色名 Analyse and monitor derivatives individually and in aggregate, enabling exposures and associated risks to be regularly assessed; and
魔兽角色名3.魔兽角色名5.魔兽角色名4.2 魔兽角色名魔兽角色名魔兽角色名 Enable the permit holder to provide, on an accurate and timely basis, the information required by the JFSC as a condition of its consent for the use of derivatives.
魔兽角色名3.魔兽角色名6.1 魔兽角色名魔兽角色名 A permit holder must establish and maintain an effective complaint handling system and procedures and in particular must:
魔兽角色名3.魔兽角色名6.魔兽角色名1.1 魔兽角色名魔兽角色名魔兽角色名 Maintain adequate records of complaints against the permit holder, including a central register that contains details of any agreed compensation or compromise;
魔兽角色名3.魔兽角色名6.魔兽角色名1.2 魔兽角色名魔兽角色名魔兽角色名 Inform policyholders of how complaints may be made and how they may expect these to be responded to;
魔兽角色名3.魔兽角色名6.魔兽角色名1.3 魔兽角色名魔兽角色名魔兽角色名 Handle complaints transparently, competently, diligently, and impartially;
魔兽角色名3.魔兽角色名6.魔兽角色名1.4 魔兽角色名魔兽角色名魔兽角色名 Provide, in writing, within five business days, unless expressly agreed to the contrary with the complainant, an acknowledgement that their complaint has been received and confirm that the complaint is being considered;
魔兽角色名3.魔兽角色名6.魔兽角色名1.5 魔兽角色名魔兽角色名魔兽角色名 Keep the complainant informed about the progress of their complaint, including details of any actions being taken to resolve their complaint;
魔兽角色名3.魔兽角色名6.魔兽角色名1.6 魔兽角色名魔兽角色名魔兽角色名 Advise the complainant in writing when the complaint is considered closed, and where the complaint is not upheld, clearly state the reason(s) for rejecting the complaint;
魔兽角色名3.魔兽角色名6.魔兽角色名1.7 魔兽角色名魔兽角色名魔兽角色名 At the same time, advise the complainant in writing:
3.魔兽角色名6.魔兽角色名1.魔兽角色名7.1 魔兽角色名魔兽角色名魔兽角色名 That if they are dissatisfied with its response to the complaint, the complainant may be able to refer the complaint to the Channel Islands Financial Ombudsman;
3.魔兽角色名6.魔兽角色名1.魔兽角色名7.2 魔兽角色名魔兽角色名魔兽角色名 Of the contact details for the Channel Islands Financial Ombudsman (namely its website address, postal address, email address and telephone number); and
魔兽角色名3.魔兽角色名6.魔兽角色名1.8 魔兽角色名魔兽角色名魔兽角色名 Consider the complaints data for patterns emerging.
魔兽角色名3.魔兽角色名6.2 魔兽角色名魔兽角色名 As soon as it becomes aware, a permit holder must notify the JFSC, in writing, if:
魔兽角色名3.魔兽角色名6.魔兽角色名2.1 魔兽角色名魔兽角色名魔兽角色名 A complaint is not satisfactorily resolved within three months of it being lodged;
魔兽角色名3.魔兽角色名6.魔兽角色名2.2 魔兽角色名魔兽角色名魔兽角色名 The Channel Islands Financial Ombudsman, using the powers it has under Article 16 of the Financial Services Ombudsman (Jersey) Law 2014, requires the permit holder to pay compensation to a complainant or directs the permit holder to take other specified steps in relation to a complainant; or
魔兽角色名3.魔兽角色名6.魔兽角色名2.3 魔兽角色名魔兽角色名魔兽角色名 A pattern to complaints emerges.
魔兽角色名3.魔兽角色名6.3 魔兽角色名魔兽角色名 A permit holder must deal with the Channel Islands Financial Ombudsman in an open and co-operative manner.
(a) Making a settlement offer that is conditional upon the complainant not referring the matter to the Channel Islands Financial Ombudsman. (The complainant may want to seek independent advice from the Channel Islands Financial Ombudsman before deciding whether or not to accept the offer.) This would not preclude a permit holder – if it has fully informed the complainant of their right to refer their complaint to the Channel Islands Financial Ombudsman – asking the complainant to sign a full and final release as part of the settlement if the offer is accepted;
(b) Misleading a complainant about their right to refer a complaint to the Channel Islands Financial Ombudsman;
(c) Offering a view as to the likelihood of the Channel Islands Financial Ombudsman ruling in favour of the complainant.
魔兽角色名3.魔兽角色名7.1 魔兽角色名魔兽角色名 A permit holder must ensure that its directors, senior managers and all other employees are fit and proper for their roles. The term “employees” includes not only staff directly employed by the permit holder but also indirect staff such as temporary or contracted employees and other contracted service providers.
魔兽角色名3.魔兽角色名7.2 魔兽角色名魔兽角色名 A permit holder must:
魔兽角色名3.魔兽角色名7.魔兽角色名2.1 魔兽角色名魔兽角色名魔兽角色名 Operate robust arrangements for meeting the standards and requirements of the regulatory system;
魔兽角色名3.魔兽角色名7.魔兽角色名2.2 魔兽角色名魔兽角色名魔兽角色名 Establish adequate supervision of employees, and procedures governing sole, dual or multiple authorisations for handling business assets; and
魔兽角色名3.魔兽角色名7.魔兽角色名2.3 魔兽角色名魔兽角色名魔兽角色名 Guard against involvement in financial crime (including the detection and prevention of money laundering), and ensure that all transactions and decisions are properly authorised by persons with the requisite knowledge and experience to effect such transactions or make such decisions.
魔兽角色名3.魔兽角色名7.3 魔兽角色名魔兽角色名 A permit holder must assess and monitor the competence and probity of its directors, senior managers and other employees, and ensure that trainees are properly supervised.
魔兽角色名3.魔兽角色名7.4 魔兽角色名魔兽角色名 A permit holder must ensure that:
魔兽角色名3.魔兽角色名7.魔兽角色名4.1 魔兽角色名魔兽角色名魔兽角色名 It has a clear, written policy regarding the identification, notification and handling of any conflicts of interest that its directors and employees may encounter during the normal course of their employment in the permit holder’s business; and
魔兽角色名3.魔兽角色名7.魔兽角色名4.2 魔兽角色名魔兽角色名魔兽角色名 It has a clear, written policy regarding private transactions, self-dealing, preferential treatment and other transactions of a non-arm’s length nature.
魔兽角色名3.魔兽角色名7.5 魔兽角色名魔兽角色名 A permit holder is responsible for ensuring that its employees are competent on an on-going basis and trained adequately and appropriately, and must document the basis upon which such competency has been assessed. Competence comprises a balance between relevant qualifications held, training received and experience gained, having regard, amongst other things, for the nature of the work being carried out by the employees and the level of their responsibility.
魔兽角色名3.魔兽角色名7.6 魔兽角色名魔兽角色名 A permit holder must ensure that there is a sufficient number of staff, at all levels, with adequate qualifications and experience. Directors and/or senior management, who form part of the regulatory i of control, must always hold appropriate qualifications to enable them to demonstrate the technical competence to perform such a senior role.
魔兽角色名3.魔兽角色名7.7 魔兽角色名魔兽角色名 A permit holder must ensure that it obtains and retains copies of documentary evidence of qualifications held by employees where such qualifications have been determined by the permit holder to be a requirement for the role involved.
魔兽角色名3.魔兽角色名7.8 魔兽角色名魔兽角色名 A permit holder must have in place a proper documented remuneration policy for directors and employees, and must review it periodically. Such a policy must ensure that remuneration has due regard to the permit holder’s financial position as well as the personal performances of directors and employees, and that any incentive schemes are properly managed so as to avoid any encouragement of improper or imprudent behaviour.
魔兽角色名3.魔兽角色名8.1 魔兽角色名魔兽角色名 A permit holder is responsible for ensuring that the opportunity is available to all employees who are engaged in insurance-related activity or who hold the compliance officer position to continue their professional development as part of their normal working environment.
魔兽角色名3.魔兽角色名8.2 魔兽角色名魔兽角色名 A permit holder is responsible for ensuring that the CPD is appropriate and relevant to such employees, taking into account their job descriptions, current duties and future development needs.
魔兽角色名3.魔兽角色名8.3 魔兽角色名魔兽角色名 For Category B permit holders that employ such staff in Jersey, the minimum recommended CPD is 25 hours per year, including technical and professional reading (for which a maximum of five hours is permitted), and research. Category A permit holders must ensure that CPD is undertaken in accordance with the regulatory framework of their home jurisdiction.
魔兽角色名3.魔兽角色名8.4 魔兽角色名魔兽角色名 A permit holder must maintain CPD records for all such employees (although it is permissible for the permit holder to require employees to keep their own records and account to the permit holder on a regular basis).
(a) Firstly, to ensure that the necessary opportunity is given to such employees to enable them to comply with these professional requirements; and,
(b) Secondly, to take a view on the extent to which such professional CPD is relevant to the permit holder’s business and may therefore be counted towards the employees’ work-related CPD.
(a) Junior employeesCII Foundation Insurance Test
(b) Administrative staffCII Certificate in Insurance (Cert. CII)
(c) More experienced staffCII Diploma in Insurance (Dip. CII)
(d) Middle managementCII Advanced Diploma in Insurance (ACII)
(e) Senior Management/DirectorsACII or FCII
(a) The Institute and Faculty of Actuaries;
(b) The International Compliance Association;
(c) The Chartered Institute of Bankers;
(d) The Chartered Institute for Securities and Investment[i]; and
(e) The various accountants’ institutes.
(a) Studying for further qualifications;
(b) In-house training, seminars, conferences and product presentations;
(c) Computer-based training;
(d) One-to-one tuition;
(e) Reading relevant professional and trade magazines;
(f) ? Personal structured study; and
(g) Attending external training courses.
魔兽角色名3.魔兽角色名9.1 魔兽角色名魔兽角色名 A permit holder must not pay a financial penalty imposed by the JFSC on any other person.
魔兽角色名3.魔兽角色名9.2 魔兽角色名魔兽角色名 A permit holder must not enter into, arrange, claim on or make a payment under a contract of insurance that is intended to have, or has or would have, the effect of indemnifying any person against all or part of a financial penalty imposed by the JFSC.
1. ? Paragraph 3.9.2 is not intended to prevent a permit holder from entering into, arranging, claiming on or making any payment under a contract of insurance which indemnifies any person against all or part of the costs of defending JFSC enforcement action or any costs the person may be ordered to pay to the JFSC.
魔兽角色名4.魔兽角色名6.1 魔兽角色名魔兽角色名 Distinguishable from marketing or promotional material;
魔兽角色名4.魔兽角色名6.2 魔兽角色名魔兽角色名 Consistent with the Code;
魔兽角色名4.魔兽角色名6.3 魔兽角色名魔兽角色名 Clearly expressed in plain language that only uses technical or legal terms where absolutely necessary; and
魔兽角色名4.魔兽角色名6.4 魔兽角色名魔兽角色名 Provided before the contract of insurance becomes legally binding on the parties, except when it is impractical to do so, in which case the terms and conditions shall be provided at the earliest opportunity.
魔兽角色名4.魔兽角色名8.1 魔兽角色名魔兽角色名 The nature and amount of all standard fees and charges associated with the policy;
魔兽角色名4.魔兽角色名8.2 魔兽角色名魔兽角色名 The amount of any commission or other remuneration paid to a broker or intermediary for the introduction or arrangement of, or any other services in connection with, the policy;
魔兽角色名4.魔兽角色名8.3 魔兽角色名魔兽角色名 The manner and notice period in which the policyholder will be informed of changes to the terms and conditions of the policy and, where appropriate, any alterations to fees, charges and bonus rates;
魔兽角色名4.魔兽角色名8.4 魔兽角色名魔兽角色名 The options currently available to policyholders upon the renewal or maturity date of the policy, and the consequences, financial and otherwise, of early termination;
魔兽角色名4.魔兽角色名8.5 魔兽角色名魔兽角色名 The frequency with which policy statements will be provided; and
魔兽角色名4.魔兽角色名8.6 魔兽角色名魔兽角色名 Specific risks that may be associated with the type of policy provided.
魔兽角色名5.魔兽角色名4.1 魔兽角色名魔兽角色名 Drawn up in accordance with the JFSC’s proforma Subordinated Loan Agreement;
魔兽角色名5.魔兽角色名4.2 魔兽角色名魔兽角色名 Made by an approved lender;
魔兽角色名5.魔兽角色名4.3 魔兽角色名魔兽角色名 Signed by authorised signatories of all parties to the agreement;
魔兽角色名5.魔兽角色名4.4 魔兽角色名魔兽角色名 For a fixed period of not less than two years or, where no fixed term is cited, it must be subject to a minimum notice period of repayment of two years; and
魔兽角色名5.魔兽角色名4.5 魔兽角色名魔兽角色名 Submitted to the JFSC accompanied by a signed consent request checklist.
魔兽角色名5.魔兽角色名11.1 魔兽角色名魔兽角色名 The permit holder fails to comply with any of the requirements of the subordinated loan agreement, including the notification requirements; or
魔兽角色名5.魔兽角色名11.2 魔兽角色名魔兽角色名 The subordinated loan repayment date falls due within one year.
魔兽角色名5.魔兽角色名17.1 魔兽角色名魔兽角色名 Have in place effective procedures for monitoring and managing the asset/liability position, in order to ensure that investments (the types of asset, their currency and liquidity) are appropriate for the liability profiles;
魔兽角色名5.魔兽角色名17.2 魔兽角色名魔兽角色名 Ensure that the directors review the adequacy of the overall investment policy on a regular basis in the light of the company’s activities, its overall risk tolerance, its long- term requirements and its solvency position;
魔兽角色名5.魔兽角色名17.3 魔兽角色名魔兽角色名 Undertake regular resilience testing for a range of market scenarios and changing investment and operating conditions in order to assess the appropriateness of its management policies; and
魔兽角色名5.魔兽角色名17.4 魔兽角色名魔兽角色名 Have in place contingency plans to mitigate against the effects of deteriorating business conditions.
(a) A financial service business regulated by a “relevant supervisory authority”, as defined by Article 1 of the IB(J)L;
(b) A principal person of the permit holder; or
(c) A person that does not meet any of the above criteria but has been specifically approved by the JFSC.
(a) The information is relevant to the exercise by the JFSC of its functions under the IB(J)L in relation to the permit holder or former permit holder; and
(b) The withholding of the information is likely to result in the JFSC being misled as to any matter which is relevant to and of material significance for the exercise of those functions in relation to the permit holder or former permit holder.
(a) Is material to the JFSC’s ability to undertake its function of supervision of financial services provided in or from within Jersey;
(b) The permit holder considers is material to, or may make it impractical for it to comply with, one or more of:
魔兽角色名6.魔兽角色名4.1 魔兽角色名魔兽角色名 A change of name of the permit holder;
魔兽角色名6.魔兽角色名4.2 魔兽角色名魔兽角色名 The adoption of, or a change in any business or trading name under which the permit holder carries on insurance business;
魔兽角色名6.魔兽角色名4.3 魔兽角色名魔兽角色名 A change to:
魔兽角色名6.魔兽角色名4.魔兽角色名3.1 魔兽角色名魔兽角色名魔兽角色名 The address of the principal office of the permit holder,
魔兽角色名6.魔兽角色名4.魔兽角色名3.2 魔兽角色名魔兽角色名魔兽角色名 The address of the registered office of the permit holder,
魔兽角色名6.魔兽角色名4.魔兽角色名3.3 魔兽角色名魔兽角色名魔兽角色名 Any address which is treated as the proper address of the permit holder by Article 44(3) of the IB(J)L; and
魔兽角色名6.魔兽角色名4.4 魔兽角色名魔兽角色名 The summary winding up or voluntary dissolution of a permit holder.
魔兽角色名6.魔兽角色名5.1 魔兽角色名魔兽角色名 The decision to voluntarily cease writing new insurance business, whether temporarily or permanently, where this decision involves the cancellation of a permit in accordance with Article 7(9) of the IB(J)L. A permit holder must complete a Cessation of Business Plan (COBP), as prescribed by the JFSC, which must include details of arrangements for the protection of policyholders, creditors and other stakeholders. Before implementing a COBP a permit holder must obtain written confirmation from the JFSC that it has no objection to it.
魔兽角色名6.魔兽角色名5.2 魔兽角色名魔兽角色名 The presentation of any application to the court for désastre.
魔兽角色名6.魔兽角色名5.3 魔兽角色名魔兽角色名 The summoning of any meeting to consider a resolution to wind up a permit holder or the winding up of the permit holder.
魔兽角色名6.魔兽角色名5.4 魔兽角色名魔兽角色名 The application by any person for the commencement of any insolvency proceedings, the appointment of any receiver, administrator or provisional liquidator under the law of any jurisdiction in relation to the permit holder.
魔兽角色名6.魔兽角色名5.5 魔兽角色名魔兽角色名 The making of or any proposals for the making of a composition or arrangement with the creditors.
魔兽角色名6.魔兽角色名5.6 魔兽角色名魔兽角色名 The imposition of disciplinary measures or sanctions on the permit holder or any of their directors, chief executive, shareholder controllers, actuaries or key persons in relation to its insurance business by any relevant supervisory authority or professional body.
魔兽角色名6.魔兽角色名5.7 魔兽角色名魔兽角色名 A conviction of the permit holder or any of its directors, chief executive, shareholder controllers, actuaries or key persons, for any offence:
魔兽角色名6.魔兽角色名5.魔兽角色名7.1 魔兽角色名魔兽角色名魔兽角色名 Under the legislation of any jurisdiction relating to the conduct of insurance or other financial services business (includes legislation relating to:? banking, building societies, collective investment funds, companies, credit unions, consumer credit, friendly societies, insolvency, insurance, industrial and provident societies and trust companies); or
魔兽角色名6.魔兽角色名5.魔兽角色名7.2 魔兽角色名魔兽角色名魔兽角色名 Involving fraud or dishonesty.
魔兽角色名6.魔兽角色名5.8 魔兽角色名魔兽角色名 The imposition of any penalties for deliberate tax evasion on the permit holder or any of its directors, chief executive, shareholder controllers, actuaries or key persons.
魔兽角色名6.魔兽角色名5.9 魔兽角色名魔兽角色名 Any litigation following the institution of proceedings before a Court of Law, where any amount claimed or disputed is likely to exceed 5% of the permit holder’s admissible assets as applicable to the permit holder’s solvency margin calculation, which is:
魔兽角色名6.魔兽角色名5.魔兽角色名9.1 魔兽角色名魔兽角色名魔兽角色名 Instigated by the permit holder (or a subsidiary of the permit holder);
魔兽角色名6.魔兽角色名5.魔兽角色名9.2 魔兽角色名魔兽角色名魔兽角色名 Instigated against the permit holder; or
魔兽角色名6.魔兽角色名5.魔兽角色名9.3 魔兽角色名魔兽角色名魔兽角色名 Where the permit holder is a party cited.
魔兽角色名6.魔兽角色名5.10 魔兽角色名魔兽角色名 The granting, withdrawal or refusal of any application for authorisation, to carry on any regulated financial services business in Jersey or any jurisdiction outside of Jersey, or the revocation of such authorisation.
魔兽角色名6.魔兽角色名5.11 魔兽角色名魔兽角色名 The refusal of any application for membership of any trade or professional body by the permit holder, a director, chief executive, key person or actuary of the permit holder, in any jurisdiction, or refusal or revocation of such a membership.
魔兽角色名6.魔兽角色名5.12 魔兽角色名魔兽角色名 The appointment of inspectors (howsoever named) by a statutory or other supervisory authority to investigate the affairs of the permit holder.
魔兽角色名6.魔兽角色名5.13 魔兽角色名魔兽角色名 Any decision relating to business activities likely to have a material effect on the permit holder or its profitability (notifications must specify, as applicable, the name of any company and its principal business). Such decisions include, but are not limited to:
魔兽角色名6.魔兽角色名5.魔兽角色名13.1 魔兽角色名魔兽角色名魔兽角色名 Closure to new business;
魔兽角色名6.魔兽角色名5.魔兽角色名13.2 魔兽角色名魔兽角色名魔兽角色名 The formation, acquisition, disposal or dissolution of a subsidiary, associated group company or branch office, wherever situated; and
魔兽角色名6.魔兽角色名5.魔兽角色名13.3 魔兽角色名魔兽角色名魔兽角色名 Changes to investments held, where the permit holder acquires or disposes, for its own benefit, of a holding of more than half in nominal value of the equity share capital of a company, specifying the name of the company and its principal business.
魔兽角色名6.魔兽角色名5.14 魔兽角色名魔兽角色名 Any material changes, other than those specifically referred to in the Code, in the information previously submitted under the following headings, any:
魔兽角色名6.魔兽角色名5.魔兽角色名14.1 魔兽角色名魔兽角色名魔兽角色名 Overseas operations through which the permit holder carries on insurance business, irrespective of the vehicle utilised to deliver the business (branch, subsidiary, representative office or otherwise); and
魔兽角色名6.魔兽角色名5.魔兽角色名14.2 魔兽角色名魔兽角色名魔兽角色名 Jurisdictions outside Jersey in which the permit holder carries on insurance business, indicating whether this is done through a branch office, a subsidiary or otherwise.
魔兽角色名6.魔兽角色名5.15 魔兽角色名魔兽角色名 A decision by the permit holder’s auditor to qualify its audit report or to raise an emphasis of matter therein.
(a) “a reasonable time” to be five business days; and
(b) That “ becoming aware” applies from the point at which the permit holder knows, or has reasonable grounds for believing, that any of the matters stated has occurred or may be about to occur, even where it is outside of the control of the permit holder.
魔兽角色名Notifications arising in other parts of the Code魔兽角色名
魔兽角色名6.魔兽角色名6.1 魔兽角色名魔兽角色名 3.3.5 sets a notification requirement in respect of a compliance officer being temporarily unable to fulfil his/her responsibilities;
魔兽角色名6.魔兽角色名6.2 魔兽角色名魔兽角色名 3.6.2 sets notification requirements in respect of complaints;
魔兽角色名6.魔兽角色名6.3 魔兽角色名魔兽角色名 5.16 sets a notification requirement in respect of failure to meet the solvency margin requirement; and
魔兽角色名6.魔兽角色名6.4 魔兽角色名魔兽角色名 7.5 sets a notification requirement on Category B permit holders on each occasion that they intend to issue new or amended product related advertisements or promotional literature.
魔兽角色名Notifying or providing information via the JFSC’s online portal魔兽角色名
魔兽角色名7.魔兽角色名6.1 魔兽角色名魔兽角色名 A statement, promise or forecast that is untrue or misleading;
魔兽角色名7.魔兽角色名6.2 魔兽角色名魔兽角色名 A statement of fact that a permit holder does not have reasonable grounds, supported by documentary evidence, for believing to be true at the time when the advertisement is issued;
魔兽角色名7.魔兽角色名6.3 魔兽角色名魔兽角色名 A statement of opinion by any person that the permit holder does not have reasonable grounds, supported by documentary evidence, for believing to be the honestly held opinion of that person at the time when the advertisement is issued;
魔兽角色名7.魔兽角色名6.4 魔兽角色名魔兽角色名 A statement of fact that the permit holder does not, at the time the advertisement is issued, have reasonable grounds for believing will continue to be true for so long as the advertisement continues to be issued in current publications;
魔兽角色名7.魔兽角色名6.5 魔兽角色名魔兽角色名 A misleading statement about the activities of, or the scale of the activities of, or the resources of or available to, the permit holder or its group or affiliates;
魔兽角色名7.魔兽角色名6.6 魔兽角色名魔兽角色名 A statement relating to taxation benefits unless it is properly qualified to show what it means in practice and to whom such benefits apply;
魔兽角色名7.魔兽角色名6.7 魔兽角色名魔兽角色名 A statement relating to policyholder confidentiality unless it is properly qualified to show the limits of any confidentiality assurance made;
魔兽角色名7.魔兽角色名6.8 魔兽角色名魔兽角色名 A comparison with other entities that carry on insurance business unless the basis of comparison is clearly stated, and the comparison is fair; and
魔兽角色名7.魔兽角色名6.9 魔兽角色名魔兽角色名 A statement implying that the product or service involved is only available for a limited period or in limited form, if such is not the case.
魔兽角色名7.魔兽角色名7.1 魔兽角色名魔兽角色名 Be so designed as to be likely to be misunderstood;
魔兽角色名7.魔兽角色名7.2 魔兽角色名魔兽角色名 Be so designed as to disguise the significance of any warning, statement or information that is required to be included under the Code;
魔兽角色名7.魔兽角色名7.3 魔兽角色名魔兽角色名 Be presented in such a way that it is not clearly identifiable as an advertisement; and
魔兽角色名7.魔兽角色名7.4 魔兽角色名魔兽角色名 Signify in any way that the advertisement has been approved by the JFSC (this rule applies even if the JFSC has been consulted with regard to the specific advertisement).
魔兽角色名7.魔兽角色名8.1 魔兽角色名魔兽角色名 Where the person is an employee or associate of the permit holder, that fact is disclosed in the advertisement;
魔兽角色名7.魔兽角色名8.2 魔兽角色名魔兽角色名 The quotation is included with that person’s written consent, if applicable;
魔兽角色名7.魔兽角色名8.3 魔兽角色名魔兽角色名 The statement is relevant to the product or service that is the subject of the advertisement;
魔兽角色名7.魔兽角色名8.4 魔兽角色名魔兽角色名 Where the whole of the statement is not quoted, what is quoted fairly represents the message contained in the whole of the statement; and
魔兽角色名7.魔兽角色名8.5 魔兽角色名魔兽角色名 The statement has not become inaccurate or misleading since it was originally made, because of the passage of time.
魔兽角色名Proforma for the 魔兽角色名魔兽角色名Annual Declaration 魔兽角色名魔兽角色名as required by 魔兽角色名魔兽角色名魔兽角色名126.96.36.199魔兽角色名魔兽角色名 of the Code of Practice for Insurance Business魔兽角色名
Jersey Financial Services Commission
PO Box 267
14-18 Castle Street
魔兽角色名Annual Declaration under 魔兽角色名魔兽角色名魔兽角色名188.8.131.52魔兽角色名魔兽角色名 of the Code of Practice for Insurance Business issued pursuant to Article 42 of the Insurance Business (Jersey) Law 1996魔兽角色名
In accordance with 魔兽角色名184.108.40.206 of the Code of Practice for Insurance Business, I confirm that [insert name of permit holder] has complied with the relevant regulatory and anti-money laundering legislation, the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism for Financial Services Business Regulated under the Regulatory Laws, other regulations and guidelines, and the Code of Practice for Insurance Business [except as set out below].
[List here material exceptions and action taken to ensure that these exceptions are not repeated]
[i] Previously called the Securities Institute.