Front Matter Page
© 2009 International Monetary Fund
September 2009
IMF Country Report No. 09/283
Jersey: Financial Sector Assessment Program Update—Detailed Assessment of Observance of the Insurance Core Principles
This Detailed Assessment of Observance of the Insurance Core Principles Report on Jersey was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed in May 2009. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Jersey or the Executive Board of the IMF.
The policy of publication of staff reports and other documents by the IMF allows for the deletion of market-sensitive information.
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Front Matter Page
Financial Sector Assessment Program Update
JERSEY
Insurance Core Principles
Detailed Assessment of Observance
May 2009
International Monetary Fund
Monetary and Capital Markets Department
Contents
Glossary
I. Executive Summary, Key Findings, and Recommendations
II. Detailed Assessment
Tables
1. Summary of Observance of the Insurance Core Principles—Detailed Assessments
2. Recommended Action Plan to Improve Observance of the Insurance Core Principles
3. Detailed Assessment of Observance of the Insurance Core Principles
Glossary
| AML/CFT |
Anti-money laundering and combating the financing of terrorism |
| Companies Law |
Companies (Jersey) Law 1991 |
| EU |
European Union |
| FATF |
Financial action task force on money laundering |
| FIU |
Financial intelligence unit |
| FS(J)L |
Financial Services (Jersey) Law 1998 |
| FSC(J)L |
Financial Services Commission (Jersey) Law 1998 |
| GAAP |
Generally Accepted Accounting Principles |
| GAD |
United Kingdom Actuary Department |
| General Provisions Order |
Insurance Business (General Provisions) (Jersey) Order 1996 |
| GIMB Codes |
Codes of practice for general insurance mediation business |
| IAIS |
International Association of Insurance Supervisors |
| IB Codes |
Codes of practice for investment business |
| IB(J)L |
Insurance Business (Jersey) Law 1996 |
| ICP |
Insurance core principles |
| IFRS |
International Financial Reporting Standards |
| Insurance Codes |
Codes of practice for insurance business |
| JFSC |
Jersey Financial Services Commission |
| MIB |
Motor Insurers Bureau of the United Kingdom |
| ML(J)O |
Money Laundering (Jersey) Order 208 |
| MOU |
Memorandum of understanding |
| OFC |
Offshore financial center |
| POB |
Professional oversight board |
| The States |
Jersey Parliament |
| UK |
United Kingdom |
| USA |
United States of America |