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L'înformâtion et les sèrvices publyis pouor I'Île dé Jèrri

Insurance Business (Jersey) Law 1996, and associated legislation: Amendments: Law drafting instructions

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 13 February 2025:

Decision Reference:  MD-ER-2025-121

Public

Subject: Instructions for amendments to the Insurance Business (Jersey) Law 1996 and associated legislation

 

Report Title: Instructions for amendments to the Insurance Business (Jersey) Law 1996 and associated legislation

Exempt (Article 35)

Decision(s):

The Minister for External Relations decided to approve the report and authorise the Financial and Professional Services Directorate, Department for the Economy, to instruct the principal legislative drafter to draft legal instruments to amend the Insurance Business (Jersey) Law 1996 and connected financial services legislation relevant to the enhancement of the insurance business legislative framework in Jersey.

Reason for Decision(s):

In pursuit of opportunities for growth and following engagement at the Financial Services Advisory Board, with Jersey Finance Limited and relevant industry representatives, it is recommended that amendments are made to the Insurance Business (Jersey) Law 1996 together with any connected legislation and consequential amendments to supplementary legislation as required.  To maintain Jersey’s position as a leading centre for financial services, and in accordance with the desire for sustainable growth of the financial and professional services sector, it is recommended that the Insurance Business (Jersey) Law 1996, and associated legislation are amended to modernise the framework and to ensure a proportionate, flexible and attractive regime is in place for insurance business in Jersey.

Resource Implications: There are new financial and/or staffing implications. Further detail is included in accompanying report.

 

Action Required: Principal Legislative Drafter to be requested to draft legislation.

Signature:

 

 

Signed By: Minister for External Relations

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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