The Jersey Financial Services Commission is requesting feedback from the insurance sector on a proposed 12.9% increase to the sector’s fee rates.
This increase combines:
• Headline fee rates being subject to an increase of 5% above the Retail Prices Index to contribute to the Commission's financial resilience objectives
• The Commission Law contemplates increases to fees in line with RPI, recorded as 7.9% in June 2022, but the cost of regulation continues to rise well in excess of this.
The change will affect any person applying for or already holding a permit to undertake insurance business.
The deadline for feedback is Sunday 25 September. The final fee notices will be published in September, following the consultation.
• The consultation document is available here