Regulatory Alerts2026-01-01
The Insurance Act
The Jamaican Parliament enacted The Insurance Act to comprehensively regulate the insurance sector by mandating corporate registration for all insurers, underwriters, and intermediaries operating within the jurisdiction. The legislation establishes stringent capital, deposit, and investment requirements while enforcing rigorous administrative, accounting, and solvency standards to protect policyholders and ensure market stability. It further details protections for long-term insurance policies, governs reserves and dividend distributions, and empowers the Financial Services Commission with broad investigative, supervisory, and enforcement authorities.
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