Jersey is working on plans to allow companies to share captive insurance vehicles.
Its neighbour, Guernsey, pioneered the use of protected cell companies, effectively allowing clients to split the cost of setting up their own insurer.
There has been a surge in interest in protected cell companies (PCCs) corresponding with the upswing in insurance rates.
They appeal particularly to companies facing rocketing rates or simply unavailable cover, but which are not big enough to afford their own captive.
Jersey's plans for an equivalent are expected to bear fruit next year.
But the island's financial chiefs have received legal advice that they shouldn't copy Guernsey's arrangements too closely.
Some lawyers are understood to believe that the legislation ring fencing each client's assets in the shared insurance vehicle may not stand up to legal challenge in some jurisdictions.
Isolating each cell within the shared vehicle is fundamental to reassuring clients that they are splitting only the costs involved.
While Guernsey's protected cell legislation is believed to be sound under the island's jurisdiction, some experts have cast doubt on its strength if tested in a US or UK court of law.
Nigel Woodroffe, director of Jersey Financial Services Commission, said: "We aren't saying Guernsey is wrong. We would like to have a similar product. We want to get there as quickly as we can but we will provide something a little different."
