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LATEST NEWS

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FSC Sets $1m Minimum For Retail Repo Purchases

November 26, 2014
Published: Wednesday | November 26, 2014 The Financial Services Commission (FSC) will phase in new minimum transaction values for retail repos over the next year - $1 million for local-currency purchases and US$10,000 for foreign-currency repos…
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Inflation within target, says central bank governor

November 25, 2014
Friday, November 21, 2014.   Bank of Jamaica Governor Brian Wynter (left) makes a comment to Deputy Governor John Morrison during the bank’s quarterly media briefing held Tuesday at its downtown Kingston offices…
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Trade Board Drops Auto Channel - Car Dealer Disqualified For Import Recertification

November 18, 2014
Published: Sunday | November 16, 2014. Tameka Gordon, Business Reporter Auto Channel Limited has become the first casualty of the revised Motor Vehicle Import Policy (MVIP), which took effect in April this year…
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The Model Matters - Flashy Cars Equal High-Risk Insurance

November 18, 2014
Published: Sunday | November 16, 2014. Cedric Stephens, Contributor QUESTION: I am buying a car for my 19-year-old daughter who recently began her tertiary education…

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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’.

DSC_4269 RENEWABLE ENERGY SEMINAR

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

Overview

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.

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Earl Moore

(2005-2007), President & CEO, Guardian Life.

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Andrew Levy

(2007-2009), Managing Director, Jamaica International Insurance Company.

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Jacqueline Sharp

(2009-2010), General Manager, Scotia Life Insurance Company.

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Paul Lalor

 (2010-2012)  President & CEO, Insurance Company of the West Indies

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Hugh Reid President, Scotia Insurance

President, Scotia Insurance

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Karen Bhoorasingh

(2014-Current) President, Guardian General Insurance Jamaica Limited

Committees

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.

Life Claims

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.

Human Resources

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.

General CEOs

CEOs of the General Insurance Companies have scheduled meetings which are focused on discussing matters related specifically to the General Insurance Sector.

Fraud

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.

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