Danger ahead Insurance executive warns of reinsurance risk

While the Government continues to improve Jamaica’s legislative framework to meet relevant international criteria, British Caribbean Insurance Company (BCIC) Managing Director Peter Levy is drawing attention to the looming risk of being moved to the European Union’s (EU) black list of non-cooperative jurisdictions for tax purposes.

The EU black list is published as an annex to conclusions adopted by the EcoFin Council and is listed as Annex I. It is meant to encourage countries to make changes to their tax legislation and practices through cooperation. Jurisdictions which do not cooperate with all the international standards but have committed to making reforms fall under the state of play document dubbed as Annex II and is in the grey list. Jamaica currently falls in the grey list.