Insurance business transfer schemes in Jersey
This briefing provides an introduction to the factors that determine whether a Jersey insurance business transfer scheme is required and an outline of the procedure for the transfer of insurance business in Jersey.
It is quite possible or even likely that the jurisdiction of the Jersey courts may overlap with the jurisdiction of foreign courts in relation to insurance business conducted by a foreign insurer in Jersey. Nevertheless a Jersey scheme may be required in order that the transfer is recognised in Jersey.
A Jersey scheme is required in relation to a scheme to transfer ‘insurance business carried on in or from within the island by a permit holder’. The carrying on of insurance business in or from within the island includes ‘obtaining or seeking to obtain such business from a person incorporated, registered or resident in the island by means of a contract or arrangement with another person where: the sole or principal purpose of such a contract or other arrangement is the obtaining or seeking to obtain such business; and that other person gives effect to the contract or other arrangement in or from within the island’…
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