Regulatory Alerts2022-01-01
Guidelines on Reinsurance Practices and Procedures (Revised)
The Financial Services Commission of Jamaica issued revised guidelines requiring insurance companies to establish a Board-approved Reinsurance Risk Management Plan to mitigate operational, legal, and counterparty risks. The document mandates rigorous due diligence on reinsurers, clear contractual terms ensuring genuine risk transfer, and specific insolvency protections to safeguard policyholders and creditors. Compliance involves annual reporting of reinsurance arrangements and a senior officer declaration confirming adherence to these standards, which take effect on January 1, 2022.
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