Governance, Risk and Compliance - The Jamaican Insurance Industry

Published: Aug, 2015 | Pages: 40 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric’s 'Governance, Risk and Compliance - The Jamaican Insurance Industry' report is the result of extensive research into the insurance regulatory framework in Jamaica. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operations of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, recent and upcoming changes in regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Jamaica, including:

An overview of the insurance regulatory framework in Jamaica.

The latest key changes and changes expected in Jamaican insurance regulatory framework.

Key regulations and market practices related to different types of insurance product in the country.

Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Jamaica.

Key GRC parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency requirements, reserve requirements, and investment regulations.

Details of the tax and legal systems in the country.

Scope
This report covers details of the insurance regulatory framework in Jamaica.

The report contains details of rules and regulations governing insurance products and insurance entities.

The report lists and analyzes key trends and developments pertaining to the Jamaican insurance regulatory framework.

The repot analyzes rules and regulations pertaining to the establishment and operation of insurance business in the country.

The report provides details of taxation imposed on insurance products and companies.

Reason To Buy
Gain insights into the insurance regulatory framework in Jamaica.

Track latest regulatory changes and expected changes impacting the Jamaican insurance industry
Gain detailed information about key regulations governing the establishment and operation of insurance entities in the country

Understand key regulations and market practices relating to various types of insurance product.

Key Highlights
The Financial Services Commissions is responsible for regulating the Jamaican insurance industry. It protects consumer rights and promotes development of country’s insurance industry.

The government of Jamaica permits 100% foreign direct investment in country’s insurance industry.

The practice of non-admitted insurance is not permitted in the Jamaican insurance industry.

The government of Jamaica is planning to introduce the National Health Insurance Scheme in the country under the National Health Fund Act.
The Insurance Association of Jamaica provides support service to the insurance industry by effective lobbying, providing relevant information helpful for decision making, providing avenues for addressing common concerns and promoting sound industry practices and ethical conducts of members.

 Table Of Content

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 National insurance
2.4.3 Banana insurance
2.4.4 Aviation liability insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Financial Services Commission
2.5.3 Insurance Association of Jamaica (IAJ)
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution (ADR)

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List Of Tables
Table 1: Insurance Industry Definitions
Table 2: Jamaica – Insurance Regulatory Framework Key Features
Table 3: Jamaica – Life Insurance Regulatory Framework
Table 4: Jamaica – Property Insurance Regulatory Framework
Table 5: Jamaica – Motor Insurance Regulatory Framework
Table 6: Jamaica – Liability  Insurance Regulatory Framework
Table 7: Jamaica – Fees for Obtaining Insurance Licenses in Jamaica
Table 8: Jamaica – Corporate Tax Rates for Financial Year 2015

List Of Figures
Figure 1: Jamaica – Insurance Supervision and Control at Various Levels
Figure 2: Jamaica – Insurance Regulatory Frameworks for Company Registration and Operation