FINANCIAL SERVICES (GENERAL INSURANCE MEDIATION BUSINESS (REGISTRATION)) (JERSEY) ORDER 2005

Transcription

1 FINANCIAL SERVICES (GENERAL INSURANCE MEDIATION BUSINESS (REGISTRATION)) (JERSEY) ORDER 2005 Revised Edition Showing the law as at 1 February 2008 This is a revised edition of the law

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3 Financial Services (General Insurance Mediation Business Arrangement FINANCIAL SERVICES (GENERAL INSURANCE MEDIATION BUSINESS (REGISTRATION)) (JERSEY) ORDER 2005 Arrangement Article 1 Interpretation Prescribed classes of financial service business general insurance mediation business Registration certificate Citation... 6 SCHEDULE 7 PRESCRIBED CLASSES 7 Supporting Documents ENDNOTES 9 Table of Legislation History... 9 Table of Renumbered Provisions... 9 Table of Endnote References... 9 Revised Edition 1 February 2008 Page - 3

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5 Financial Services (General Insurance Mediation Business Article 1 FINANCIAL SERVICES (GENERAL INSURANCE MEDIATION BUSINESS (REGISTRATION)) (JERSEY) ORDER THE ECONOMIC DEVELOPMENT COMMITTEE, in pursuance of Articles 8, 9 and 42 of the Financial Services (Jersey) Law and on the recommendation of the Jersey Financial Services Commission, orders as follows Commencement [see endnotes] 1 Interpretation (1) 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 (2) In this Order, brokerage income (a) (b) in relation to a registered person who carries on general insurance mediation business activities from within Jersey, means the net retained brokerage and other income arising from such activities whether the brokerage or income arises within or outside Jersey; and in relation to a registered person who carries on general insurance mediation business activities in Jersey from outside Jersey, means the net retained brokerage and other income arising from such activities in Jersey by the registered person. 4 2 Prescribed classes of financial service business general insurance mediation business (1) For the purposes of Article 8(2) of the Law (which Article allows the Minister to prescribe the classes of financial service business in respect of which application for registration under the Law may be made), the Revised Edition 1 February 2008 Page - 5

6 Article 3 Financial Services (General Insurance Mediation Business classes of general insurance mediation business described in column 2 of the Schedule 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 the Schedule. 3 Registration certificate The registration certificate issued to a person registered under Article 9 of the Law to carry on a class of general insurance mediation business specified in column 2 of Schedule 1 shall specify the class of that business specified in that Schedule that the person is registered to carry on. 7 Citation This Order may be cited as the Financial Services (General Insurance Mediation Business. Page - 6 Revised Edition 1 February 2008

7 Financial Services (General Insurance Mediation Business SCHEDULE SCHEDULE (Article 2) P Q PRESCRIBED CLASSES Column 1 Column 2 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 , the Collective Investment Funds (Jersey) Law or the Insurance Business (Jersey) Law ; 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 R Carrying on incidental general insurance mediation business, if (a) (b) (i) (ii) 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 is not within a class of financial service business, and is not business authorized under the Banking Business (Jersey) Law 1991, the Collective Investment Funds (Jersey) Law 1988 or the Insurance Business (Jersey) Law Revised Edition 1 February 2008 Page - 7

8 SCHEDULE Financial Services (General Insurance Mediation Business S Carrying on incidental general insurance mediation business, if (a) (b) (i) (ii) 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 is not within a class of financial service business, and 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 Revised Edition 1 February 2008

9 Financial Services (General Insurance Mediation Business Endnotes ENDNOTES Table of Legislation History Legislation Year and No Commencement Financial Services (General R&O.4/ January 2005 Insurance Mediation Business (Registration and Fees)) (Jersey) Order 2005 Financial Services (General R&O.123/ October 2005 Insurance Mediation Business (Registration and Fees)) (Amendment) (Jersey) Order 2005 States of Jersey (Amendments and Construction Provisions No. 12) (Jersey) Regulations 2005 R&O.133/ December 2005 Table of Renumbered Provisions Table of Endnote References Original Current 4 Lapsed, omitted 5 Lapsed, omitted 6 Lapsed, omitted Schedule 1 Schedule Schedule 2 Lapsed, omitted 1 This Order has been amended by the States of Jersey (Amendments and Construction Provisions No. 12) (Jersey) Regulations The amendments replace all references to a Committee of the States of Jersey with a reference to a Minister of the States of Jersey, and remove and add defined terms appropriately, consequentially upon the move from a committee system of government to a ministerial system of government. 2 Chapter The power to prescribe fees by Order of the Minister has been replaced by a power for the Jersey Financial Services Commission to publish fees (see chapter as amended by L33/2007). Accordingly, all provisions of this Order prescribing fees lapsed on 24 January 2008 and have been removed. 3 chapter Article 1(2) inserted by R&O.123/ chapter chapter chapter Revised Edition 1 February 2008 Page - 9