Jersey Insurance License

Jersey Insurance Business

A captive insurance company is a company established within an organization for the purpose of insuring the risks of that organization.

Permit Requirements: Under the Insurance Business (Jersey) Law 1996, any persons wishing to carry on an insurance business in or from within Jersey must obtain a permit from the Jersey Financial Services Commission (the Commission). There are two categories of permits: Category A permits apply to insurance businesses carried on by companies authorized and supervised in a jurisdiction outside Jersey; and Category B permits apply in every other case, normally to companies incorporated under the Companies (Jersey) Law 1991, including captive insurance companies.

When granted, the permit specifies which classes of long-term business or general business listed in the First Schedule of the Insurance Business (Jersey) Law 1996 the permit holder is authorized to carry on. Category B permit holders must meet various criteria including financial stature, reputation, and management standards.

Features and Application Requirements: All insurance business in Jersey is regulated under the Insurance Business (Jersey) Law 1996. The Jersey Financial Services Commission (JFSC) regulates Jersey's financial services sector. Minimum capital requirement is £100,000, but subject to adjustment by the JFSC. Jersey follows international standards for solvency, and Category B permit holders are subject to 0% corporation/income tax. Other requirements include appointing an approved external auditor, having a minimum of 2 directors with the majority being Jersey residents, and submitting financial statements to the JFSC every 6 months.

Renewal: The permit is renewable annually on the first of October each year on payment of the prescribed fee.

For more information, please feel free to contact Neptune Fiduciaries on info@neptunecorporate.com or sales@neptunecorporate.com.