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.
[Coat of Arms]
THE JAMAICA GAZETTE SUPPLEMENT
PROCLAMATIONS, RULES AND REGULATIONS
3032A
Vol. CXXVII THURSDAY, DECEMBER 9, 2004 No. 100A
No. 139A
THE INSURANCE ACT
THE INSURANCE (PRESCRIBED SUM) REGULATIONS, 2004
In exercise of the powers conferred upon the Minister by sections 132 and 144 of the Insurance Act, and every other power enabling, the following Regulations are hereby made:—
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These Regulations may be cited as the Insurance (Prescribed Sum) Regulations, 2004.
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Except in circumstances where the Administrator General is legally obliged to apply for letters of administration in respect of the estate of a deceased person, the sum of—
(a) Two Hundred and Fifty Thousand Dollars; or
(b) Twenty-five per centum of the sum insured,
whichever sum is less, shall be the prescribed amount payable by an insurer to any person who satisfies that insurer that he is the person entitled to obtain probate of the will of the
3032B PROCLAMATIONS, RULES AND REGULATIONS [DEC 9, 2004
deceased person or to take out letters of administration in respect of that deceased person's estate.
Dated this 9th day of December, 2004.
OWEN JEFFERSON Chairman, Financial Services Commission.
Approved:
OMAR DAVIES Minister of Finance and Planning.
No. 349/08
PRINTED BY JAMAICA PRINTING SERVICES (1992) LTD., (GOVERNMENT PRINTERS), DUKE STREET, KINGSTON, JAMAICA