Insurance Business (Amendment No. 7) (Jersey) Law 201-

Information about the publication of Ministerial Decisions

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While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.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 11 April 2014:

Decision Reference: MD-C-2014-0077
Decision Summary Title :	Insurance Business (Amendment No.7) (Jersey) Law 201-		Date of Decision Summary:	10th April 2014
Decision Summary Author:	Director, Finance Industry Development		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:	N/A
Written Report Title :	Insurance Business (Amendment No.7) (Jersey) Law 201-		Date of Written Report:	2nd April 2014
Written Report Author:	Director, Finance Industry Development		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Removing Jersey Mutual’s exemption from the Insurance Business (Jersey) Law 1996 (“IBJL”).
Decision(s): The Deputy Chief Minister approved the draft Insurance Business (Jersey) (Amendment No 7) Law 201- (the “Law”)- for lodging, signed the Human Rights statement and directed that the documents should be lodged au Greffe for debate by the States at the earliest opportunity.
Reason(s) for Decision: When the Insurance Business (Jersey) Law 1996 (“IBJL”) was enacted, Jersey Mutual was granted an exemption from having to register under the law (by virtue of Article 5(5)(d)). This exemption was commented on by the International Monetary Fund (“IMF”) in its 2008 assessment of the Island’s financial regulatory standards. The IMF recommended that, “the scope of exemptions from the IBJL should be narrowed so that all insurers are required to be licensed and supervised by the JFSC.” In response to that recommendation, the Jersey Financial Services Commission (the “Commission”) has agreed with Jersey Mutual that the exemption in Article 5(5)(d) that it has historically relied upon should be removed. Further, Jersey Mutual is now under voluntary supervision by the Commission.
Resource Implications: There are no resource implications as a result of this decision.
Action required: That the Minister signs the Human Rights Statement and that a request is made to the Greffier of the States to arrange for the draft Law to be lodged au Greffe for debate by the States at the earliest opportunity.
Signature:		Position: Deputy Chief Minister of Jersey
Date Signed:		Date of Decision (If different from Date Signed):