Jersey Mutual Insurance Society, Incorporated (Alteration of Rules) (No. 7) (Jersey) Law 201-

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A decision made 7 March 2014:

Decision Reference: MD-C-2014-0035
Decision Summary Title :	Draft Jersey Mutual Insurance Society, Incorporated (Alteration of Rules)(No.7)(Jersey) Law 201-		Date of Decision Summary:	5 March 2014
Decision Summary Author:	Officer, Financial Services		Decision Summary: Public or Exempt? (State clauses from Code of Practice booklet)	Public
Type of Report: Oral or Written?	Written		Person Giving Oral Report:
Written Report Title :	WR - Draft Jersey Mutual Insurance Society, Incorporated (Alteration of Rules)(No.7)(Jersey) Law 201-		Date of Written Report:	5 March 2014
Written Report Author:	Officer, Financial Services		Written Report : Public or Exempt? (State clauses from Code of Practice booklet)	Public
Subject: Lodging of the Draft Jersey Mutual Insurance Society, Incorporated (Alteration of Rules)(No.7)(Jersey) Law 201-
Decision(s): The Chief Minister approved the Draft Jersey Mutual Insurance Society, Incorporated (Alteration of Rules) (No.7) (Jersey) Law 201- (the “draft Law”) for lodging and directed that the documents should be lodged au Greffe for debate by the States at the earliest opportunity.
Reason(s) for Decision: The draft Law replaces the Fundamental Rules of the Society by replacing the Schedule to the Jersey Mutual Insurance Society, Incorporated (Alteration of Rules) (Jersey) Law 1976. The draft Law also introduces an ability to amend the Schedule in the future by Regulations with the view that if a future change to the Fundamental Rules is required it will not have to be undertaken by a primary Law amendment. The changes made by the proposed new Rules include capping recourse to members to £5 per member in line with common practice in the UK, increasing the use of bye-laws to avoid the States needing to approve administrative changes, removing references to the Judicial Greffier that are no longer required and reducing investment capital restrictions as the rules of the regulatory laws will determine such matters.
Resource Implications: There are no resource implications for the States of Jersey as a result of this decision.
Action required: The Greffier of the States is requested to lodge the above matter 'au Greffe' for debate at the earliest opportunity.
Signature: Senator I. J. Gorst		Position: Chief Minister
Date Signed:		Date of Decision (If different from Date Signed):