Requirements for Registration as a Loss Adjuster (Employed Practitioners) under the Insurance Act 2001
The following are some of the conditions, which must be fulfilled before an application for registration as an individual adjuster employed to a loss adjusting firm under the Insurance Act 2001 can be considered:
- The applicant must apply to the Financial Services Commission (FSC) under the Insurance Act 2001 in two stages:
- Firstly, submit educational and experience qualifications for assessment, and
- Secondly, apply for registration within sixty (60) days after receipt of notification that the requirements of (a) above have been satisfied
NOTE: In respect of (a) above the submission should include:
- Information as at item 9 below
- Copies of certificates certified by one of the following:- Justice of the Peace,
– Minister of Religion,
– Notary Public,
– Inspector of Police or any rank above
– Registration Officer at the FSC
NB. The person who certifies the document above should (in addition to affixing his/her signature) stamp or state legibly his/her name, official capacity and business address or parish of commission.
- Two references, their names, addresses and work & home telephone numbers.
- An application must be submitted in the required form, a copy of which may be obtained from the Registrar at the Financial Services Commission or on the FSC’s website, www.www.fscjamaica.org.
- Where the applicant has operated as a loss adjustor in a jurisdiction outside of Jamaica, or in Jamaica, prior to this application, his/her applications should be accompanied by a letter from the loss adjusting company (ies) by which he/she was employed previously, indicating that they are satisfied with the competence and method of conduct of business of the applicant and the ethical standards maintained by the applicant in the performance of his/her work as a loss adjustor.
- The applicant must have experience and professional qualifications as follows:
- ACILAI (Associate of the Chartered Insurance Loss Adjusters Institute, (London)) or equivalent, or
- A certificate in loss adjusting from local educational institutions whose curricula have been approved by the FSC, or
- A minimum of ten years experience plus certification of competence by the Loss Adjusters Association of Jamaica in association with the local educational institutions whose curricula have been approved by the FSC.
Persons who now conduct the business of loss adjusting but do not have the requisite professional certification may be allowed registration subject to their attaining the required certification within a maximum period of three years.
- The applicant must:
- Apply for an identification card
- Submit two passport-sized photographs certified by one of
– Justice of the Peace,
– Minister of Religion,
– Notary Public,
– Inspector of Police or any rank above.
NB. The person who certifies the photographs should state legibly his/her name, official capacity and business address or parish of commission.
- The applicant must satisfy the fit and proper criteria, the initial stage of which is the completion of the fit and proper questionnaire. He/she should submit also:
- A police clearance report or a receipt from the Ministry of National Security and Justice in the sum of One Thousand Dollars ($1,000.00) for police clearance report
- Character references which are accepted from any person except relatives and co-workers
- Marriage certificate or other relevant document (where the applicant previously operated as a loss adjustor under a different name)
- Academic certificates (should be certified by Principal Officer or Company Secretary)
- The fees for the application for registration as an adjuster are set out below for the various classes of business. They are to be made payable to the Financial Services Commission and paid at its offices (see address below) and a copy of the receipt submitted with the application.
- The applicant will also be required to pay (for renewal purposes) an annual fee, not later than the fourteenth (14th) day of January in each year. Such fees, which are set out below, are to be made payable to the Financial Services Commission and are to be paid at its offices (see address below).
- It is expected that applicants will apprise themselves of all the other requirements of operation by reading the relevant laws and ensuring that they will be able to meet the required standards before applying.
- Copies of the Insurance Act 2001 and Insurance Regulations 2001 can be obtained at:
Jamaica Printing Services Limited
77 1⁄2 Duke Street
Telephone No. 967-2250-3
Fax No. 967-2225
- Further queries can be directed to:Financial Services Commission
39-43 Barbados Avenue
Telephone Nos. 876-906-3010-12 or 906-7264-66 / 906-2261 / 906-4406 / 754 -9581
Fax No. 906-3018