Jersey blocks new insurance rules from the EU

A set of rules and regulations which govern insurance firms in the European Union will not be implemented in Jersey.

Solvency II is due to come into effect on 1 January 2013.

The Jersey Financial Services Commission (JFSC) invited all members of the insurance sector who may be affected by the changes to comment.

And none of them found any reason for the new set of regulations to be brought in.

The decision has been welcomed by Jersey's insurance sector.

'Close consultation'

Richard Packman, chairman of the Jersey Insurance Industry Association, said: "It is important that Jersey, while retaining its own high standards of regulation, offers an environment that is attractive to captive owners and specialist insurers and this move by the commission would support that objective.

"This decision also demonstrates the value of the close consultation between the industry, regulator and government officials."

In the past, Jersey had been assessed according to the international standards set by the International Association of Insurance Supervisors.

These are also set to change later on this year and the JFSC will then discuss whether to adopt them through a public consultation.

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