Jersey’s insurance sector has welcomed the announcement from the island’s financial services regulator, the Jersey Financial Services Commission (JFSC), that it has no plans to implement Solvency II measures in Jersey.
The JFSC has confirmed it intends to focus on changes to the international standards set by the International Association of Insurance Supervisors which are due to be adopted later this year and respond accordingly. It is these standards against which
Geoff Cook, chief executive of Jersey Finance Limited, added:
‘This clarification by the Commission helps to ensure Jersey remains competitive and flexible to meet the needs of the insurance sector and gives certainty over our future direction, while ensuring high regulatory standards are not neglected.’