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Jersey Regulator Hikes Bank And Insurer Fees

by Jason Gorringe, Lowtax.net, London
14 August, 2017

Jersey's financial services regulator, the Jersey Financial Services Commission, is proceeding with proposed fee increases for insurers and deposit takers, and is introducing a fee on transfers of insurance business.

From October 1, 2017, insurance business fees will rise by 18.1 percent, the first increase since fees for insurance businesses were introduced in 2008. Fees paid by deposit takers on the island will rise by 19 percent, with the change in fees dependent on each firm's size.

Affected firms will receive a notification via the Commission's myJFSC online portal that an invoice is ready for them. The due date for payment is October 31, 2017.

In addition to the fee rises, a new GBP5,000 (USD6,501) fee is being introduced for transfers of insurance business. The fee means those transferring insurance businesses, rather than the whole insurance industry, will pay for the cost of processing transfer applications. The fee is payable to the Commission at the time of submission of draft documentation relating to the transfer.

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