Insurers set to gain investment flexibility

According to Jamaica Observer (General News), Insurance companies could gain access to a wider range of investment opportunities under proposed changes to rules governing the sector, with the Senate’s Regulations Committee raising no objections to a measure that would remove a requirement for four conditions to be met simultaneously before certain investments qualify. Deputy executive director of supervision at the Financial Services Commission (FSC) Nicolette Jenez told the committee on Thursday, during a virtual sitting, that the amendment to Regulation 47 of the Insurance Regulations is intended to widen insurers’ investment choices, which she said have been restricted by the existing rules. Under the proposed change, insurers would be able to invest in certain obligations issued by solvent institutions if they satisfy any one of four conditions rather than having to meet all four at the same time. The criteria include investment