Jersey
Law 6/2002
INSURANCE
BUSINESS (AMENDMENT No. 3) (JERSEY) LAW 2002
____________
A LAW to amend further the
Insurance Business (Jersey) Law 1996, sanctioned by Order of Her Majesty in
Council of the
11th
day of DECEMBER 2001
____________
(Registered
on the 4th day of January 2002)
____________
STATES
OF JERSEY
____________
The 30th day of October 2001
____________
THE STATES, subject to the sanction of Her
Most Excellent Majesty in Council, have adopted the following Law -
ARTICLE
1
In
this Law, “the principal Law” means the Insurance Business (Jersey) Law 1996, as amended.
ARTICLE 2
In
Article 9(10) of the principal Law after the words “of
Article 4” there shall be inserted the words “or
paragraph (1) of Article 14”.
ARTICLE
3
In
Article 10(4) of the principal Law after the words “of
Article 4” there shall be inserted the words “or
paragraph (1) of Article 14”.
ARTICLE 4
In
Article 11(1) of the principal Law after the words “of
Article 4” there shall be inserted the words “or
paragraph (1) of Article 14”.
ARTICLE 5
In
Article 17(3)(b) of the principal Law for the words “relates;
and” there shall be substituted the word “relates.”
ARTICLE 6
For
Article 30(2) and (3) of the principal Law there shall be substituted the
following paragraph -
“(2) Article 28 does not preclude
the disclosure of information for the purpose of enabling or assisting a
relevant supervisory authority to exercise one or more of its functions that
correspond to functions of the Commission under this Law.”.
ARTICLE 7
For
Article 31A of the principal Law there shall be substituted the
following Article -
“ARTICLE 31A
Co-operation
with relevant supervisory authority
(1) The following powers
may be exercised (by the officer or person specified in the relevant provision)
in order to assist a relevant supervisory authority -
(a) the power to refuse to
grant a permit under paragraph (1) of Article 6 or to cancel a permit
under paragraph (9) of Article 6;
(b) the power to attach or
vary conditions of a permit pursuant to paragraphs (1) to (6) of
Article 6;
(c) the powers relating to
information and documents under Article 9;
(d) the powers under
Article 10 (Investigations on behalf of the Commission) and
Article 11 (Investigation of suspected contraventions);
(e) the powers under
Article 12 (Entry and search of premises);
(f) communication by
the Commission to the relevant supervisory authority of information that is in
the possession of the Commission, whether or not as a result of the exercise of
any of the above powers.
(2) The Commission shall
not exercise the power referred to in sub-paragraph (f) of
paragraph (1) unless satisfied that the relevant supervisory authority
will treat the information communicated with appropriate confidentiality and
that -
(a) the power is exercised
in order to assist the authority in the exercise of its supervisory functions;
or
(b) the exercise of the
power has been requested by the authority and requested only for the purposes
of obtaining assistance for the authority in the exercise of one or more of its
supervisory functions.
(3) The other powers
referred to in paragraph (1) shall not be exercised by virtue of this
Article unless the Commission is satisfied that the exercise has been requested
by the relevant supervisory authority and requested only for the purposes of
obtaining assistance for the authority in the exercise of one or more of its
supervisory functions.
(4) In deciding whether to
exercise a power by virtue of this Article, the following factors (among
others) may be taken into account -
(a) whether corresponding
assistance would be given in that country or territory to the Commission;
(b) whether the case
concerns the possible breach of a law, or other requirement, which has no close
parallel in the Island or involves the assertion of a jurisdiction not
recognized by the Island;
(c) the seriousness of the
case and its importance in the Island and whether the assistance could be
obtained by other means;
(d) whether it is otherwise
appropriate in the public interest to give the assistance.
(5) The exercise of powers
by virtue of this Article may be refused unless the relevant supervisory
authority undertakes to make such contribution towards the costs of its exercise
as the Commission considers appropriate.
(6) The Commission shall
not disclose to a relevant supervisory authority or to any other person any
information obtained in the exercise of a power by virtue of this Article
unless the Commission is satisfied that any conditions imposed on the
disclosure will be complied with.
(7) For the purposes of
this Article, a reference -
(a) in paragraph (10)
of Article 9, paragraph (4) of Article 10 or paragraph (1)
of Article 11 to a contravention of paragraph (2) or (6) of
Article 4 or paragraph (1) of Article 14; or
(b) in paragraph (3)
of Article 12 to an offence for which the penalty is imprisonment for a
term of not less than two years,
shall include a reference to a
contravention (committed at any time, including a time before the enactment of
this Law) of a law of a country or territory outside the Island constituted by
an act, or omission, that, if it arose in the Island, would constitute (at the
time when the relevant request referred to in paragraph (3) was received)
a contravention of paragraph (2) or (6) of Article 4, or
paragraph (1) of Article 14, as in force at the latter time (or would
constitute, at the latter time, an offence for which the penalty is imprisonment
for a term of not less than two years).
(8) For the purposes of
this Article, a reference (however expressed or implied) in Article 4 or
14 (or in any provision necessary for the interpretation of that Article) to
Jersey, or to any class of person, any qualification or any provision, shall be
construed, in the application of that Article to a contravention of a law of a
country or territory outside the Island, as a reference to that country or
territory, or to an equivalent class of person, qualification or provision, in
terms of the law of that country or territory.
(9) The exercise of a power
under any provision shall be no less an exercise of that power under that
provision because it is exercised by virtue of this Article, and this Law (and
any other law that applies when a power is exercised directly under that
provision) applies also when that power is exercised by virtue of this Article.”.
ARTICLE 8
(1) This Law may be cited
as the Insurance Business (Amendment No. 3) (Jersey) Law 2002.
(2) This Law shall come
into force on such day as the States may by Act appoint.
(3) Anything that could
have been done, or completed, under a provision of the principal Law before its
amendment or substitution by this Law may be done, or completed, under the
provision as so amended or under the substitute provision.
A.H.
HARRIS
Assistant
Greffier of the States.