RegAlert

Rule · FSC · 9 Dec 2004

Insurance (Prescribed Sum) Regulations, 2004

insurance

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.

JamaicaFinancial Services Commission Jamaica

[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:—

  1. These Regulations may be cited as the Insurance (Prescribed Sum) Regulations, 2004.

  2. 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

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