The JFSC have launched a consultation on their proposals to increase insurance fees. Following a review into the financial resiliance of the JFSC the need to raise £1.046m in fees from the insurance sector in 2021 was identified. This is an increase of 2.2% compared to 2020.
The proposal lays out a total % increase of the fee of 4%, this being made up of an increase to fees in line with RPI, which was recorded as 3.5% in June 2021 and an additional fee rate increase of 0.5%.
JFSC invites comments, in writing, from interested parties on the content of the consultation. They state comments should be shared with either Jersey Finance Limited or JFSC by 20 September 2021.
A link to the consultation can be found here