Walkers have advised Jersey Mutual Insurance Society on the drafting of the Jersey Mutual Insurance Society (Transfer) (Jersey) Law 202.
The new law that will enable Jersey’s only insurance society, which solely insures properties on the island, to restructure as a company limited by guarantee.
This legislation, which is entirely novel in Jersey, was adopted by the States of Jersey on 12 November and is scheduled to be considered by the Privy Council on 10 December. It is expected to come into force early next year.
The new law will allow Jersey Mutual to transfer its entire business to Jersey Mutual Insurance Society Limited, a guarantee company formed under the Companies (Jersey) Law 1991. This restructuring will preserve the society’s mutual ethos while providing greater autonomy over its governance structure, enabling it to operate in a more agile and efficient manner in response to evolving regulatory requirements and market conditions.
The move represents a significant milestone for Jersey’s insurance sector. By adopting a corporate form commonly used by mutual societies in the UK, Jersey Mutual will be better positioned to attract directors with specialist expertise, strengthen its governance framework and deliver enhanced services to its members.
This complex and innovative project was delivered through close collaboration between Walkers Regulatory & Risk advisory and Corporate teams, showcasing their ability to provide seamless, multi-disciplinary advice on market-leading transactions.
Regulatory & Risk Advisory partner Sian Langley led on the matter, supported by office managing and Corporate partner Jonathan Heaney and Corporate senior counsel Ruth Donnellan.
Sian Langley commented: “We’re proud to support Jersey Mutual in achieving this important legislative change. The new structure will give Jersey Mutual the flexibility it needs to meet modern regulatory standards while maintaining its mutual ethos. This is a significant development for Jersey’s insurance market and demonstrates the island’s ability to innovate in response to evolving industry demands.”
Pictured: Jonathan Heaney, Sian Langley and Ruth Donnellan
