FINANCIAL SERVICES (GENERAL INSURANCE MEDIATION BUSINESS (REGISTRATION AND FEES)) (JERSEY) ORDER 200-

Transcription

1 FINANCIAL SERVICES (GENERAL INSURANCE MEDIATION BUSINESS (REGISTRATION AND FEES)) (JERSEY) ORDER 200- Explanatory Note This Order specifies the classes of general insurance mediation business for which a person may be registered and the application fees, annual fees and late payment fees that are payable in relation to registration in respect of those classes. This Order was made on and shall come into force 7 days afterwards. File: 313/8 Page - 1

2 Financial Services (General Insurance Mediation Business (Registration and Fees)) (Jersey) Order 200- Arrangement FINANCIAL SERVICES (GENERAL INSURANCE MEDIATION BUSINESS (REGISTRATION AND FEES)) (JERSEY) ORDER 200- Arrangement Article 1 Interpretation Prescribed classes of financial service business general insurance mediation business Registration certificate Application fee Annual fee payable Late payment of registration fees Citation and commencement...6 SCHEDULE 1 7 PRESCRIBED CLASSES AND APPLICATION FEES 7 SCHEDULE 2 9 ANNUAL FEES 9 Page - 3

3 Financial Services (General Insurance Mediation Business (Registration and Fees)) (Jersey) Order 200- Article 1 FINANCIAL SERVICES (GENERAL INSURANCE MEDIATION BUSINESS (REGISTRATION AND FEES)) (JERSEY) ORDER 200- Made Coming into force [date to be inserted] [date to be inserted] THE ECONOMIC DEVELOPMENT COMMITTEE, in pursuance of Articles 7, 8 and 39 of the Financial Services (Jersey) Law 1998 and on the recommendation of the Jersey Financial Services Commission, orders as follows 1 Interpretation In this Order, unless the contrary intention appears incidental general insurance mediation business has the meaning assigned to it by Article 3A of the Law; Law means the Financial Services (Jersey) Law Prescribed classes of financial service business general insurance mediation business (1) For the purposes of Article 7(2) of the Law (which Article allows the Committee to prescribe the classes of financial service business in respect of which application for registration under the Law may be made), the classes of general insurance mediation business described in column 2 of Schedule 1 are prescribed. (2) The classes specified in column 2 of Schedule 1 may be referred to by the letter specified opposite in column 1 of that Schedule. 3 Registration certificate The registration certificate issued to a person registered under Article 8 of the Law to carry on a class of general insurance mediation business specified in Page - 5

4 Article 4 Financial Services (General Insurance Mediation Business (Registration and Fees)) (Jersey) Order 200- column 2 of Schedule 1 shall specify the class of that business specified in that Schedule that the person is registered to carry on. 4 Application fee (1) For the purposes of Article 7(3)(c) of the Law (which Article allows fees that are to accompany applications for registration to be prescribed), the fee specified in an entry in column 3 of Schedule 1 is prescribed in respect of applications for registration in relation to the class of general insurance mediation business specified in the entry opposite in column 2 of the Schedule. (2) Notwithstanding paragraph (1), if an application for registration is made by a person after 30th June in a year in relation to a class of general insurance mediation business specified in column 2 of Schedule 1, the fee prescribed under paragraph (1) shall be half the fee specified opposite that class in column 3 of the Schedule. 5 Annual fee payable (1) For the purposes of Article 8(6) of the Law (which Article allows fees payable by registered persons to be prescribed), a person within a category specified in column 1 of Schedule 2, as determined in accordance with column 2 of that Schedule, shall pay, for each year of registration to carry on a class of general insurance mediation business specified in Schedule 1 (other than the year in which the person is first so registered) the registration fee set out opposite that category in column 3 of Schedule 2. (2) For the purposes of Article 8(6) of the Law (which Article allows the intervals at which a fee prescribed under that Article is payable to be prescribed), the fee referred to in paragraph (1) is payable, for each year of registration (other than the year in which the person is first so registered), no later than 31st January of that year. 6 Late payment of registration fees For the purposes of Article 8(7) of the Law (which Article allows a late payment fee to be prescribed), if a registered person fails to pay, on or before 31st January of a year, the whole or any part of the fee for that year specified in Schedule 2 that is payable by the person, the person shall be liable to pay an additional late payment fee of 5% of the amount unpaid, or 10 (whichever is the greater) for each complete month that the fee remains unpaid. 7 Citation and commencement This Order may be cited as the Financial Services (General Insurance Mediation Business (Registration and Fees)) (Jersey) Order 200- and shall come into force 7 days after it is made. Page - 6

5 Financial Services (General Insurance Mediation Business (Registration and Fees)) (Jersey) Order 200- SCHEDULE 1 SCHEDULE 1 (Articles 2 and 4) P Q PRESCRIBED CLASSES AND APPLICATION FEES Column 1 Column 2 Column 3 Class Reference Description of class of business Carrying on general insurance mediation business (other than incidental general insurance mediation business), not carrying on any other class of financial service business and not being a business that is within Class Q. Carrying on general insurance mediation business (including incidental general insurance mediation business) (a) in addition to carrying on (b) (i) (ii) any class of financial service business other than general insurance mediation business; or any other business authorized under the Banking Business (Jersey) Law 1991, the Collective Investment Funds (Jersey) Law 1988 or the Insurance Business (Jersey) Law 1996; or as a company that is part of a group, where another part of the group carries on (i) (ii) any class of financial service business other than general insurance mediation business; or any other business authorized under the Banking Business (Jersey) Law 1991, the Collective Investment Funds (Jersey) Law 1988 or the Insurance Business (Jersey) Law Application fee 3,000 1,500 Page - 7

6 SCHEDULE 1 Financial Services (General Insurance Mediation Business (Registration and Fees)) (Jersey) Order 200- R S Carrying on incidental general insurance mediation business, if (a) (b) the business includes the giving of advice on the terms, conditions or suitability of the policy being proposed; and the business to which the general insurance mediation business is incidental (i) is not within a class of financial service business, and (ii) is not business authorized under the Banking Business (Jersey) Law 1991, the Collective Investment Funds (Jersey) Law 1988 or the Insurance Business (Jersey) Law Carrying on incidental general insurance mediation business, if (a) (b) the business does not include the giving of advice on the terms, conditions or suitability of the policy being proposed; and the business to which the general insurance mediation business is incidental (i) is not within a class of financial service business, and (ii) is not business authorized under the Banking Business (Jersey) Law 1991, the Collective Investment Funds (Jersey) Law 1988 or the Insurance Business (Jersey) Law , Page - 8

7 Financial Services (General Insurance Mediation Business (Registration and Fees)) (Jersey) Order 200- SCHEDULE 2 SCHEDULE 2 (Articles 5 and 6) ANNUAL FEES Column 1 Column 2 Column 3 Category Description of Category Annual fee P A person who is within Class P as determined in accordance with Schedule 1 and who is not a person to whom category T of this Schedule applies. Q A person who is within Class Q as determined in accordance with Schedule 1 and who is not a person to whom category T of this Schedule applies. R A person who is within Class R as determined in accordance with Schedule 1 and who is not a person to whom category T of this Schedule applies. S A person who is within Class S as determined in accordance with Schedule 1 and who is not a person to whom category T of this Schedule applies. T A person who is (a) within Class P, Q, R or S as determined in accordance with Schedule 1; and (b) exempted under either (i) the Financial Services (General Insurance Mediation Business (Client Assets)) (Jersey) Order 200- from the application of that order; or (ii) the Financial Services (General Insurance Mediation Business (Accounts, Audit and Reports)) (Jersey) Order 200- from the application of that order. 3,000 1,500 1, Page - 9

8 Endnotes Financial Services (General Insurance Mediation Business (Registration and Fees)) (Jersey) Order 200- Page - 10