The Financial Services Commission (FSC) indicates that the reprieve granted to general insurance companies — allowing them lower minimum capital ratios — will last for only two years.

Further, the regulatory body has put in place a number of guiding rules which the local insurance companies are expected to adhere to if they wish to keep the benefit over the time indicated.

On January 27 this year, head of the Economic Growth Council (EGC) Michael Lee Chin said the FSC was undertaking a review of the capital requirements for property and casualty insurance companies, and had already reduced it from 250 to 150 per cent.

On Friday, the FSC pointed the Jamaica Observer to the conditions which surround the release of capital for the island’s general insurance companies.

http://www.jamaicaobserver.com/business/FSC-provides-two-year-window-for-investment-projects_88189