Regulatory Alerts2020-01-01
Guidelines on Reinsurance Practices and Procedures
The Financial Services Commission of Jamaica mandates that all insurance companies establish a Board-approved Reinsurance Risk Management Plan to mitigate operational, legal, and counterparty risks. The guidelines require rigorous due diligence on reinsurers, clear contractual terms ensuring genuine risk transfer, and specific insolvency protections to safeguard policyholders. Insurers must annually file detailed reports on their reinsurance arrangements and obtain senior officer declarations confirming compliance with these regulatory standards.
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