Who's Paying For Insurance Scams? - Some Insurance Companies Increase Prices To Cover Loss To False Claims
CHRISTMAS IN NOVEMBER 2014 – IAJ ALL INCLUSIVE EXTRAVAGANZA (NOV 15)
The IAJ Christmas in November All Inclusive Extravaganza took place on November 15 and it was another exciting, entertaining and memorable occasion. The support was great and patrons thoroughly enjoyed themselves with the pulsating sounds from DJ Inferno facilitated by Supreme Sounds. It was indeed a memorable night with patrons constantly exclaiming ‘This is a Great Party’. There were also expressions such as ‘Every year this party gets better and better’.
The Renewable Energy Seminar held by MUNICH RE in association with the College of Insurance and Professional Studies, CIPS and the Insurance Association of Jamaica, IAJ on October 22, proved to be a timely,relevant and well attended Seminar. From all indications, participants benefited tremendously from the experience. The Munich Re presenters were also impressed by the attention and interest displayed by participants.
INSURANCE WEEK 2014 ACTIVITIES
The business of the IAJ is managed by a Board of Directors comprising the CEOs of the Life and General Insurance Companies. The Board is made up of four representatives from the life sector and four from the General Insurance sector.
(2005-2007), President & CEO, Guardian Life.
(2007-2009), Managing Director, Jamaica International Insurance Company.
(2009-2010), General Manager, Scotia Life Insurance Company.
(2010-2012) President & CEO, Insurance Company of the West Indies
Hugh Reid President, Scotia Insurance
President, Scotia Insurance
(2014-Current) President, Guardian General Insurance Jamaica Limited
The President is supported by two Vice Presidents, one representing life and one representing general. The IAJ carries out its mandate with the help of various committees comprising representatives from member companies. The committees include:
Underwriting & Claims
The Underwriting Committee meets to discuss updates and other relevant matters relating to Underwriting Procedures for new business.
The Life Claims Committee meets to discuss matters related to claims settlement. The committee makes efforts to standardize requirements for Claim Settlements throughout the industry.
The Human Resources Committee comprises Senior Personnel from the Human Resources Department of the various Insurance Companies who discuss and keep up to date with Human Resources practices.
CEOs of the General Insurance Companies have scheduled meetings which are focused on discussing matters related specifically to the General Insurance Sector.
The Fraud Committee gathers information from relevant authorities that will help the Insurance Industry to reduce the incidence of fraud.
Day To Day Activities
The day-to-day affairs of the IAJ are managed by the IAJ Secretariat which is currently headed by Executive Director Orville Johnson.