Offshore Insurance Services

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Written by tolumi   
Friday, 05 December 2008 14:58

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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Last Updated on Tuesday, 06 January 2009 13:19
 


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