Regulatory Alerts2023-02-07
Added · Updated
Guidelines on Professional Indemnity Insurance
The Financial Services Commission of Jamaica issued these guidelines to establish mandatory professional indemnity insurance requirements for regulated entities in the insurance, securities, pensions, and trust sectors. The document specifies minimum coverage amounts for various licensees, such as $30 million for insurance brokers and $5 million for pension administrators, while mandating that boards ensure coverage adequacy through periodic risk assessments. Regulated entities must maintain documented policies, secure appropriate policy terms, and provide prior notice to the Commission when utilizing blanket or group insurance arrangements.
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