The Insurance (Amendment of the Twentieth Schedule) Regulations, 2026

JUNE 5, 2026] PROCLAMATIONS, RULES AND REGULATIONS 2419 THE JAMAICA GAZETTE PROCLAMATIONS, RULES AND REGULATIONS Vol. CXLIX FRIDAY, JUNE 5, 2026 No. 298 2419 SUPPLEMENT No. 380 THE INSURANCE ACT THE INSURANCE (AMENDMENT OF TWENTIETH SCHEDULE) REGULATIONS, 2026 In exercise of the power conferred upon the Financial Services Commision by section 144 of the Insurance Act, and of every other power hereunto enabling, the following Regulations are hereby made with the approval of the Minister:—

1. These Regulations may be cited as the Insurance (Amendment of Twentieth Schedule)
   Regulations, 2026 and shall be read and construed as one with the Insurance Regulations, 2001 (hereinafter referred to as the “principal Regulations”) and all other amendments thereto.

2420 PROCLAMATIONS, RULES AND REGULATIONS [JUNE 5, 2026
2. The principal Regulations is amended by deleting the Twentieth Schedule and
substituting therefor the following—
TWENTIETH SCHEDULE
(Fees in Jamaican Dollars)
(Regulation 164)

JUNE 5, 2026] PROCLAMATIONS, RULES AND REGULATIONS 2421
SCHEDULE, contd.
Note: (1) All renewal fees in this table represent annual amounts. (2) Renewal fees are payable quarterly to the Financial Services Commission except for those of Sales Representatives, Loss Adjusters, and Consultants who pay annually. A — Renewal Fees — Intermediaries Pay fee Indicated or 0.5% of earned commission, whichever is greater. B — Renewal Fees — Insurance Companies (1) Jamaican and CARICOM Life/ Sickness & Health Insurance Companies A fee being the standard rate of 0.07% of total assets as per the last audited financial statement. (2) Jamaican and CARICOM General Insurance Companies A fee being the standard rate of 0.45% of total assets as per the last audited financial statement. (3) Foreign Companies — Life/Sickness and Health and General Insurers The fee will be charged on the above basis at (1) and (2) but on the assets relating to liabilities in Jamaica only. Note: For fee computation, “Total Assets” are as shown in the Annual Statement as at December 31 of the previous year. C — Renewal Fee Association of Underwriters (1) Jamaican and CARICOM Association of Underwriters A fee of $500,000 OR the sum of:
First $500 million of gross premiums (earned in Jamaica) at 0.10% and Gross premium in excess of $500 million at 0.05%, whichever is greater. (2) Foreign Association of Underwriters A fee of $500,000 OR the sum of:
First $500 million of gross premiums (earned in Jamaica) at 0.10% and Gross premium in excess of $500 million at 0.05%, whichever is greater.

2422 PROCLAMATIONS, RULES AND REGULATIONS [JUNE 5, 2026 D — Other Fees Services Cost ($) Duplicate Certificate of Registration — 5,000 per Certificate Insurance Company and Association of Underwriters Duplicate Certificate of Registration — 5,000 per Certificate Intermediary Change of name, change of address or 3,000 per Certificate amendment [for] Insurance Company and Association of Underwriters Change of name, change of address or 3,000 per Certificate amendment to Certificate of Registration — all Categories of Brokers and Agents Change of name, change of address or 1,000 per Certificate amendment to Certificate of Registration — Sales Representatives, Consultants and Losss Adjusters Copy Certificate of Registration — in all 1,000 per Certificate cases Late registration application in respect 2,000 of intermediaries Application Form [for] Insurance 4,500 Company and Association of Underwriters Application Form for Intermediaries 3,000 Approval of Insurance Contract 30,000.00 per policy contract Amendment to Policy Contract 15,000.00 per policy contract Identification Cards for Sales 2,000.00 each Representatives and any other Individual Registrant

JUNE 5, 2026] PROCLAMATIONS, RULES AND REGULATIONS 2423 Appeal to the Tribunal — Insurance 50,000.00 Company and Association of Underwriters Appeal to the Tribunal — all categories 30,000.00 of Brokers and Agents Appeal to the Tribunal — Sales 4,000.00 Representatives, Consultants, and Loss Adjusters E — Insurance Companies Amalgamation & Transfer Fees Application Fee $525,000 per application Dated this 11th day of March, 2026. RANSFORD BRAHAM Chairman, Financial Services Commission. FAYVAL WILLIAMS Minister of Finance and the Public Service. No. 349/09 D — Other Fees, contd. Services Cost ($)

2424 PROCLAMATIONS, RULES AND REGULATIONS [JUNE 5, 2026 No. 381 THE INSURANCE ACT THE INSURANCE (AMENDMENT OF TWENTIETH SCHEDULE) (NO. 2) REGULATIONS, 2026 In exercise of the power conferred upon the Financial Services Commision by section 144 of the Insurance Act, and of every other power hereunto enabling, the following Regulations are hereby made with the approval of the Minister:—

1. These Regulations may be cited as the Insurance (Amendment of Twentieth Schedule)
   (No. 2) Regulations, 2026 and shall be read and construed as one with the Insurance Regulations, 2001 (hereinafter referred to as the “principal Regulations”) and all other amendments thereto.
2. The table in the Twentieth Schedule of the prinicipal Regulations is amended in the
   first column by deleting the first appearance of the words “Accident Insurance” and substituting therefor the words “Motor Vehicle Insurance”. Dated this 4th day of June, 2026. RANSFORD BRAHAM Chairman, Financial Services Commission. Approved by:
   FAYVAL WILLIAMS
   Minister of Finance and the Public Service.
   No. 349/09
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