The company must be incorporated and registered under the Companies Act, 1965. A non-Jamaican company must be incorporated under similar legislation in its own jurisdiction and registered to transact the same classes of insurance business there as it is applying to transact in Jamaica. It also should have been operating for a minimum of five (5) years in its jurisdiction of domicile.
Jamaica Insurance Company Key Features
- A company incorporated in a non-Jamaican jurisdiction must submit from the insurance regulator in the jurisdiction in which it operates:
- A certificate of solvency .The regulator should indicate the method of solvency computation used.
- A certificate attesting to the acceptability of the market conduct practices of the applicant.
2. Every company must seek registration under the Insurance Act 2001 and should note that it may not be registered under this Act to carry on both long-term and general insurance business unless such general business consists exclusively of accident insurance business.
2. The company must have a minimum paid-up and unencumbered capital, surplus, reserve or equivalent fund of One Hundred and Fifty Million Jamaican Dollars (J$150,000,000) if it intends to do life and/or sickness and health insurance business and Ninety Million Jamaican Dollars (J$90,000,000) if it intends to do general insurance business.
3. Each company must deposit a minimum of Ninety Million Jamaican Dollars (J$90,000,000) if it intends to do life and/or sickness and health insurance and Forty Five Million Jamaican Dollars (J$45,000,000) if it intends to do general insurance business.
|Jamaica Insurance Company||Description|
|Share capital or equivalent|
|Service Providers Required|
Jamaica Insurance Company Tax Treatment
Jamaica Insurance Company is subject to a 10% tax.
Jamaica Insurance Company Duration to Set Up
Jamaica Insurance Company Distinctive Benefits
- Minimum formality and speedy approval procedures, which allows funds to be created quickly, once the structure, investment criteria and prospectus have been finalized;
- No exchange controls or other restrictions in Jamaica
- Jamaica Insurance Company is subject a favourable tax regime of 10%.
The Valsen Advantage
- End to end comprehensive service
- Speedy and efficient service
- Expert advice on structuring options
- Dedicated ongoing compliance support
- Extensive network pool of service providers