Regulatory Alerts2023-02-26
Added · Updated
Discussion Paper: Compensation Fund Plans for the Jamaican Financial Services Sector
The Financial Services Commission of Jamaica issued this discussion paper to propose the establishment of compensation fund plans for life insurance, general insurance, securities dealers, and pension fund plans. The document recommends prioritizing solvency funds administered by the Jamaica Deposit Insurance Corporation and implementing annual industry assessments to build fund reserves. It further outlines necessary legislative changes, including preferred creditor status for consumers and a government debt backstop, to enhance consumer protection and market confidence.