Financial Services
(General Insurance Mediation Business (Exemptions)) (Jersey) Order 2005
1 Interpretation
In this Order, unless the contrary intention
appears –
“Law” means the Financial Services (Jersey) Law 1998;
“overseas person” means a person who –
(a) has
no place of business in Jersey from which the person carries on general insurance mediation business in or from Jersey; and
(b) is
not a company incorporated in Jersey.
2 Exemption
from requirement to be registered if insurance contracts already in existence
(1) For the purposes of
Article 7(2) of the Law, a person to whom this paragraph applies is
prescribed to be a person to whom Article 7(1) of the Law does not apply
in relation to the carrying on of general insurance mediation business by the
person.
(2) Paragraph (1)
applies to an overseas person who carries on general insurance mediation
business, on the condition that –
(a) the
business so carried on consists of the giving of advice or assistance to
another person in the administration and performance of a contract of insurance
in respect of the other person (including a contract of insurance that has been
renewed); and
(b) that
contract was in existence at the relevant commencement date.
(3) Paragraph (1)
shall cease to apply in relation to a contract of insurance –
(a) 12 months
after the relevant commencement date; or
(b) on
the date, after the relevant commencement date, on which the contract of
insurance may be renewed,
whichever last occurs.
(4) In this Article,
“relevant commencement date” means the 21st January 2005.
3 Exemption
from requirement to be registered if representative or agent of insurance
businesses or if business is unsolicited
(1) For the purposes of
Article 7(2) of the Law, a person to whom this paragraph applies is
prescribed to be a person to whom Article 7(1) of the Law does not apply
in relation to the carrying on of general insurance mediation business by the
person.
(2) Paragraph (1)
applies to an overseas person who carries on general insurance mediation
business, on the condition that –
(a) the
business is carried on to effect or administer a contract of insurance with an
insurance undertaking that is –
(i) incorporated in Jersey,
and
(ii) authorized
to carry on insurance business under the Insurance Business (Jersey) Law 1996;
(b) the
business is carried on with a person in Jersey as a result of a request made by
the person that was not solicited by the overseas person; or
(c) where
the overseas person acts as an agent for a person whose principal place of
residence is in Jersey or, if the person is a body corporate, who is
incorporated in Jersey – the overseas person so acts in accordance
with an agreement with a person whose principal place of residence is outside
Jersey or, if the person is a body corporate, is incorporated outside Jersey.
4 Citation
This Order may be cited as
the Financial Service (General Insurance Mediation Business (Exemptions))
(Jersey) Order 2005.