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Monitoring and Rehabilitation

Insurance Supervision Project

The main objective of the project is to develop a stronger financial sector infrastructure by managing FINSAC’s investments in the insurance sector, strengthening insurance supervision, and establishing the regulation of pension funds.

The underlying aim of the project is to maximise the extent to which the insurance and pension sectors will provide for the long term insurance and investment needs of the Jamaican public while maintaining appropriate standards of solvency and market conduct. It is necessary to ensure that insurance and pension regulation and supervision is effective, reflects the reality of the current marketplace and protects pension investments and policyholders.

This project is jointly funded by FINSAC and the Inter American Development Bank (IADB).

 Project Components

            1.      Investment Management 

       Establish a unit to monitor FINSAC holdings in the Insurance Sector  

       Monitor the adherence of the Insurance Companies to their rehabilitation plans

2.    Insurance Supervision

      Redraft Insurance Act

      Design financial statements and periodic forms for the Insurance Companies 

       Develop a computerised early warning system to identify problems in time to take action to correct them

       Develop computerised insurance supervision information system, Jamaica Insurance Regulatory Information System (JIRIS)

        Develop procedures and examination manuals

      Develop a plan for staff development and rationalisation of OSI

      Train OSI staff to understand the risks associated with insurance regulation, to perform on-site examinations and to monitor compliance with established performance benchmarks 

       Develop a plan of action to put insurance supervision on a self-financing basis with fees from industry covering the costs of regulation

            3.     Private Pension Funds 

       Develop legislation regulating  private pension funds in Jamaica 

OSI

The Office of Superintendent and Insurance is a division of the Ministry of Finance and Planning , who monitors and regulates the Insurance Industry and Unit Trust Schemes by:-

  • Ensuring the viability and solvency of these entities for the protection of policy   holders, investors and the industry as a whole.

  • Strengthening the legislation for ensuring the highest levels of prudence , discipline and integrity from the financial sector.

  • Ensuring that the system and approved guidelines relating to the placement of insurance coverage by the Public Sector are adhered to by the Government agencies. 

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