Regulatory Alerts2026-01-01
Insurance (Prescribed Sum) Regulations, 2004
The Minister of Finance and Planning of Jamaica issued these regulations under the Insurance Act to define specific monetary limits for insurance payouts. The rules stipulate that the prescribed amount payable to a person entitled to probate or letters of administration is the lesser of two hundred and fifty thousand dollars or twenty-five percent of the sum insured. This exemption applies unless the Administrator General is legally required to apply for letters of administration regarding the deceased person's estate.
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