JFSC guidance on Jersey insurance business transfer schemes
The Jersey Financial Services Commission (JFSC) has published a guidance note relating to insurance business transfer schemes under the Insurance Business (Jersey) Law 1996, which are equivalent to Part VII transfers in the UK. Until now, there has been no published information from the JFSC in relation to such schemes. Having discussed the note with the JFSC last year, we welcome its publication because, although it is a relatively short note, it confirms the JFSC’s position in relation to the transfer of insurance business in Jersey.
Article 27 of and Schedule 2 to the law set out the requirements for a Jersey insurance business transfer scheme. The note refers to the parts of Schedule 2 that involve the JFSC or are particularly relevant to the JFSC’s consideration of a scheme…
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