JERSEY Law and Practice Contributed by: Christopher Griffin, Sophie Hancock, Tshogofatso Dhlamini, Rachael Barber, David Patterson and Mike Kushner, Carey Olsen
8.2 Treatment of Different Types of Insurance Insurance businesses are required to be regu - lated under the Financial Services Law for gen - eral insurance mediation business as principal or agent if they conduct any of the following activities: • giving general insurance advice or arranging for persons to enter into contracts of general insurance; • giving general insurance advice to a person in relation to particular contracts of general insurance; • arranging for the entry of persons into con - tracts of general insurance with other per - sons; • assisting in the administration and perfor - mance of contracts of general insurance; or • agreeing to perform any of the above-men - tioned activities. A person classified as carrying on insurance business for the purpose of the Insurance Busi - ness (Jersey) Law 1996 is also required to be registered under, and comply with the require - ments of, that law. 9. Regtech 9.1 Regulation of Regtech Providers Jersey providers of regulatory technology known ( “regtech” ) may fall to be regulated under the Financial Services Law, depending upon their business model and whether or not they will conduct any of the activities referred to in 2.2 Regulatory Regime . If such providers will simply provide the software to enable other regulated businesses to properly conduct their own activi - ties, they are unlikely to require to be licensed under the Financial Services Law.
9.2 Contractual Terms to Assure Performance and Accuracy
The contractual terms would typically be a mat - ter of industry custom and would cover the usual matters such as fees, indemnities, termination provisions, and scope of work. The JFSC’s Outsourcing Policy may require the contract to contain certain matters where the services are provided to entities that are regulated in Jersey – for example, to enable to the JFSC to access the records and premises of the regtech provider if needed in connection with the regulated entity’s activities. 10. Blockchain 10.1 Use of Blockchain in the Financial Services Industry Blockchain technology is being implemented by financial institutions such as banks and pay - ment service providers by streamlining payment systems. Banks and payment service provides use block - chain technology to: • securely store customer information and transaction data; • improve transaction speed, thus ensuring that customer transactions complete quicker; • intercept suspicious transaction activity; and • reduce error handling. 10.2 Local Regulators’ Approach to Blockchain There are no specific rule proposals or interpre - tations for blockchain technology itself in Jersey. 10.3 Classification of Blockchain Assets Not all blockchain assets are regulated financial instruments. Blockchain assets such as crypto -
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