Offshore
Insurance Services
The insurance sector of Jersey has taken some time to establish
itself. Since the entrance of Scottish Widows International
to the market, however, more players are likely to move in.
Richard Pratt at the JFSC says: “Although, traditionally
we have a very small insurance sector, there has been an increase
in applications for licences in the last few months. Many people
were concerned about the results of the Edwards Report and delayed
applications over 1999. Our hope now is that these applications
will be turned into permits so that investors are given a wider
choice of services.”
Offshore Insurance Services - Nigel Woodroof
Nigel Woodroof, Jersey insurance supervisor, adds: “Jersey
has only been open for insurance licences since 1996, and there
is obviously a credibility gap to overcome so that we can establish
a reputation for ourselves. There are currently two companies
offering life and pension services to expatriates and two more
that we are in the process of licensing. We expect these to be
up and running in January 2000.”
Woodroof comments that although there will be changes in legislation
next year as a result of the Edwards Report, these will merely
put into writing what is already being practised.
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