Jersey Law
26/1998
INSURANCE
BUSINESS (AMENDMENT) (JERSEY) LAW 1998
____________
A LAW to amend the Insurance Business
(Jersey) Law 1996, sanctioned by Order of Her Majesty in Council of the
21st day of OCTOBER
1998
____________
(Registered on the
13th day of November 1998)
____________
STATES OF JERSEY
____________
The 2nd day of June 1998
____________
THE
STATES, subject to
the sanction of Her Most Excellent Majesty in Council, have adopted the
following Law –
ARTICLE 1
In paragraph (1)
of Article 1 of the Insurance Business (Jersey) Law 1996
(hereinafter referred to as “the principal Law”) for the definition
of “insurance company” there shall be substituted the following
definition –
“
‘insurance company’ means the person carrying on insurance business;”.
ARTICLE 2
In paragraph (4)
of Article 4 for the words “paragraphs (1) and (2)” there shall be
substituted the words “paragraphs (2) and (6)”.
ARTICLE 3
In sub-paragraph
(c) of paragraph (2) of Article 6 of the principal Law for the words commencing
“of any branch,” to the end of the sub-paragraph there shall be
substituted the words “carried on in or from within the Island is subject
to the authority’s supervision.”.
ARTICLE 4
For paragraph (6)
of Article 9 of the principal Law there shall be substituted the following
paragraph –
“(6) A
statement made by a person in compliance with a requirement imposed by virtue
of this Article may not be used by the prosecution in evidence against him in
any criminal proceedings except proceedings under paragraph (8) or Article
36.”.
ARTICLE 5
For paragraph (8)
of Article 10 of the principal Law there shall be substituted the following
paragraph –
“(8) A
statement made by a person in compliance with a requirement imposed by virtue
of this Article may not be used by the prosecution in evidence against him in
any criminal proceedings except proceedings under paragraph (7) or Article
36.”.
ARTICLE 6
For paragraph (4)
of Article 11 of the principal Law there shall be substituted the following
paragraph –
“(4) A
statement made by a person in compliance with a requirement imposed by virtue
of this Article may not be used by the prosecution in evidence against him in
any criminal proceedings except proceedings under paragraph (3) or Article
36.”.
ARTICLE 7
After paragraph (9)
of Article 12 of the principal Law there shall be inserted the following
paragraph –
“(10) The power to
obtain information conferred by sub-paragraph (b) of paragraph (4) includes a
power to require any information which is contained in a computer and is
accessible from the premises to be produced in a form in which it can be taken
away and in which it is visible and legible.”.
ARTICLE 8
After Article 31
of the principal Law there shall be inserted the following Article –
“ARTICLE 31A
Co-operation with relevant supervisory authority
(1) The
Commission may exercise the following powers at the request of or for the
purposes of assisting a relevant supervisory authority –
(a) the power to attach or
vary conditions of a permit pursuant to paragraphs (1) to (6) of Article 6;
(b) 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;
(c) the powers relating to
information and documents under Article 9;
(d) the powers of
investigation under Article 10;
(e) the powers of entry
under Article 12;
(f) the power to
communicate to the relevant supervisory authority information which is in the
possession of the Commission, whether or not as a result of the exercise of any
of the above powers, other than information relating to the persons who have
transacted insurance business with a permit holder or former permit holder
unless the persons concerned have consented to such disclosure.
(2) The
Commission shall not exercise powers by virtue of this Article unless it is
satisfied that the assistance is requested by the relevant supervisory
authority only for the purposes of the exercise of one or more of its
supervisory functions.
(3) No
information shall be disclosed under sub-paragraph (c) or (f) of paragraph (1)
unless the Commission is satisfied that the relevant supervisory authority
complies with or will comply with any conditions to which the Commission may,
in its discretion, subject such disclosure.
(4) In
deciding whether to exercise its powers by virtue of this Article, the
Commission may take into account, in particular –
(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 recognised 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 sought.
(5) The
Commission may decline to exercise powers under this Article unless the
relevant supervisory authority undertakes to make such contribution towards the
costs of its exercise as the Commission considers appropriate.”.
ARTICLE 9
After Article 39
of the principal Law there shall be inserted the following Article –
“ARTICLE 39A
Public statements
(1) The
Commission may issue a public statement concerning a person if that person
appears to the Commission to have committed a contravention of the type
referred to in –
(a) paragraph
(2) of Article 4;
(b) Article
6;
(c) Article
14;
(d) Article
33;
(e) Article
34;
(f) Article
36;
(g) any Regulation or Order
made under this Law; or
has failed to
comply with a Code of Practice under Article 39.
(2) The
Commission may issue a public statement concerning a person who it believes to
be carrying on insurance business, whether in the Island or elsewhere, if it
appears to the Commission to be desirable to do so in the interests of policy
holders or potential policy holders.
(3) Where
a public statement, issued under this Article, concerns a permit holder the
Commission shall, at least seven days prior to the publication of the statement,
give written notice to the person concerned of the proposed statement and of
the reasons for which it intends to act.”.
ARTICLE 10
In the Second
Schedule to the principal Law –
(a) in paragraph 1 –
(i) for
the words “an insurance company” there shall be substituted the
words “a permit holder”; and
(ii) for the words
“apply to the Court” there shall be substituted the words
“make a Representation to the Court”;
(b) in paragraph 2 after
the word “effect” there shall be inserted the words “in the
case of a company to which that Law applies”;
(c) in paragraph 3 for the
words “order of justice” there shall be substituted the words
“Representation to the Court”;
(d) in sub-paragraphs (c)
and (d) of paragraph 4 for the words “order of justice” there shall
be substituted the words “Representation to the Court”;
(e) in paragraph 5 for the
words “order of justice” in both places where they occur there
shall be substituted the words “Representation to the Court”;
(f) in paragraph 6
for the words “order of justice” there shall be substituted the
words “Representation to the Court”; and
(g) in paragraph 10 the
full-stop at the end shall be deleted and there shall be added the following
words –
“, except
that any property so transferred vests in the transferee company subject to any
obligations and liabilities however arising which bound the transferor company
in relation to that property on the date of the order.”;
(h) in paragraph 14, after
the definition of “liabilities” there shall be inserted the
following definition–
“
‘obligations’ includes any requirement or restriction imposed by
any enactment affecting the development, use or disposition of property or any
transaction in relation to property;”.
ARTICLE 11
This Law may be
cited as the Insurance Business (Amendment) (Jersey) Law 1998.
C.M. NEWCOMBE
Deputy Greffier of the States.