The FINSAC head also blamed the crisis on Jamaica’s failure to adequately regulate and supervise the financial sector. He noted, in particular, that the Office of the Superintendent of Insurance, was not adequately staffed and as a department within the Ministry of Finance did not appear to have the stature needed to deal “at eye level” with the moguls of the insurance industry.
This was the Jamaican situation in the 1990s. It may not be our present circumstance, but let’s be frank, we have our own skeletons and we should learn from the Jamaican experience and seek to put our house in order. In the context of the integrated supervision project conducted by the Lawrie Savage group, diagnostic studies on several insurance companies were conducted.