JFSC proposes insurance sector fee rate rise to boost “financial resilience”

Tuesday 24 August 2021

Jersey’s financial regulator is asking for feedback from insurance businesses on a proposed 4% increase to the sector’s fee rates for 2021 to 2022.

According to the JFSC, This increase is made up of:

• A 3.5% increase in line with inflation (RPI of 3.5% in June 2021); and
• A 0.5% increase as a contribution towards our liquidity reserves.

The JFSC explained that the 0.5% increase follows a review it undertook of our financial resilience, which was said to have “highlighted the need for us to ensure we can continue to operate and avoid sharp fluctuations in our annual funding requirements.”

“We will share more detail from that review later this year,” the organisation added.

The consultation’s deadline is 20 September, and feedback and the fees notice will be published 10 days later on 30 September.

CLICK HERE to take part.