JSIPT Newsletter - The Professional (Issue 1)

ISSUE 1 JANUARY 2014

JSIPT NEWSLETTER

IN THIS ISSUE Page 2 A Message from

Our Out-‐Going President

Page 2 The Roles of

VP – Education

VP – Public Relations

Page 5 Demystifying Marine & Aviation Business

Page 4 The Ins & Outs of Director’s Liability

THE PROFESSIONAL

A Message From Our President

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The Jamaica Society of Insurance Professional and Technician, is in its fifth year of existence and we are proud to say that we have played a significant role in bringing together a number of insurance professionals from various areas of the industry. Our close relationship with the College of Insurance and Professional Studies has proven to be a good partnership as we seek to provide an avenue for continued professional development through various seminars hosted at the college. We have signaled to all industry players that our mission is to guide our human resources in a manner that will ensure continuity of insurance standards and best practices in the industry. The structure of the entity allows for persons to make their contribution in the area of continued professional development, insurance

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education and research.

Our goal this year is to increase our membership with particular focus on the life insurance sector. We are experiencing some success as the overall growth this year has surpassed previous years. There will be greater interaction with our members by way of newsletters, seminars, workshops and social occasions. We are currently examining the requirements for membership to ensure that we are engaging all the professionals and technicians in our industry. This newsletter is intended to provide information to our members and indeed all members of the industry, on who we are as a professional organization and the changes we intend to bring about through our activities. We want to use this occasion to extend to all insurance industry personnel who have met the criteria for membership to

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come on board and to give back to the industry for the greater good of all of us. We want also to commend our past Executive members who have laid the foundation on which we are now seeking to build a vibrant organization. Collaborative effort with other insurance professional entities is also necessary as part of the building process. We hope that members who read this our first edition for the year will find it informative and be motivated to renew their membership and invite others to join in the partnership.

-‐ Mr. Carlton Raymond JSIPT President

Page 3 The Roles of

VP – Membership

VP -‐ Research

Page 3 Careers at CIPS

TO ALL WHO HAVE ALL WHO HAVE ACHIEVED INSURANCE QUALIFICATIONS in 2013

THE JSIPT WOULD LIKE TO EXTEND

THE PROFESSIONAL ISSUE 1, JANUARY 2014

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My tenure as President has been a very rewarding and learning experience for me. Through the hard work of our

officers and in association with the College of Insurance and Professional Studies we hosted seminars, workshops and Continued Professional Development talks with the help of Presenters from outside of the Insurance Industry. We were

From Our Out-‐Going President

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also involved in career talks to various schools and institutions of higher learning. We facilitated the summer workshop programme for 4 years.

Our social gathering or more appropriate "JSIPT LYME’ was always well supported as we used these events to unwind, to rekindle old acquaintances and to make new friends for which I thank all the Sponsors.

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As I hand over the Presidency to Mr. Carlton Raymond, I would like to thank the past administration including JSIPT Founding President, Grace Burnett, for the support and guidance extended to me during my season and as I continue to serve on this board I look forward to being a part of what we will accomplish in the years ahead.

-‐ Sharon Smith Immediate Past President

Joy McCallum VP -‐ Education

Jasmine Coley VP – Public Relations

VICE PRESIDENTS The world is evolving on a daily basis. In the present topical issue of change, as insurance practitioners we must continue to upgrade our skills set and knowledge base in order to meet these challenges. JSIPT provides an excellent conduit as well as a vital opportunity to facilitate insurance education by hosting seminars, workshops and publications to improve the professional status and strengthen the technical expertise of members within the insurance industry. My portfolio responsibility for Education is mainly focused on developing programmes designed to meet the needs of the changing and demanding insurance environment with specific objective to improve the interests, welfare and advancement both members and non-‐members of the insurance industry.

-‐ Ms. Joy McCallum

The Role of VP of Education

The Jamaica Society of Insurance Professionals and Technicians continue to play its part in promoting the need for continued Professional development as well advertising our industry to be a viable and diverse market for people of all professions to gain employment.

With this in mind the Public Relations committee is committed to creating a strong and positive image of JSIPT in the Market Place. We will create programmes with the intent of fostering relationships within the life and general sector as well as using technology to keep our members abreast of developments in the industry and advising our members of activities and events.

It is the intention of the committee to work to sensitize our members in both the Life and General insurance sector of the need to keep improving their professional status as well as the importance of professionalism when doing business.

We look forward to a productive year.

-‐ Ms. Jasmine Coley

The Role of VP of Public Relations


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Sheron Gilzean VP -‐ Membership

The core function of the Membership Chair is to Build and maintain JSIPT membership through recruitment, administration, communication and other services to sustain the dynamism of JSIPT. Currently, there are seventy-‐five (75) members, fifty-‐two (52) of whom are paid up. We are working towards increasing the number of paid up memberships to the full complement before the end of the year. Skills needed include administration, support services, mentoring and coordinating. So if you wish to mentor, co-‐ordinate, manage information or participate in membership service, there is a space for you.

-‐ Mrs. Sheron Gilzean

The Role of VP of Membership

Michelle Robinson VP -‐ Research

BUILDING A CAREER AT COLLEGE OF INSURANCE & PROFESSIONAL STUDIES

We all know the phrase “the only thing that is constant is change”. With that said Research & Development is one means which can be used to review, revise, enhance or totally change practices that are no longer relevant in the ever changing insurance market whether it is from a product or educational perspective. As a professional group Jamaica Society of Insurance Professionals & Technicians (JSIPT), in its drive to enhance the competence of its members can use this medium to keep abreast with new developments and trends in our local and overseas markets, use appropriate methodology for skills assessment/ training and encourage continuous professional development. As we look to the future, Research and Development has to be at the forefront as its importance cannot be overlooked in our ever changing society. Additionally, its benefit to our members in particular and the public in general is far reaching.

-‐ Ms. Michelle Robinson

The Role of VP of Research

The Insurance industry is a stable yet dynamic industry that provides a wealth of opportunities for career advancement in areas that range from administrative support to management, from sales to information technology, from accounting to customer service ... anything you want to do in business, you can do in the insurance industry. The College of Insurance & Professional Studies (CIPS) recognizes the need to expand its offerings to other areas in insurance business. As a result, CIPS forged a partnership with the University of London and started offering tutorials for the Bachelors of Laws LLB in September 2013. Negotiations continue to offer the BSc in Management which should be ready for registration in September 2014.

CIPS also encourages persons in the Insurance industry to join the Toastmasters Club which concentrates on developing speaking and leadership skills which are invaluable in business. Contact Annette Robotham, DTM at CIPS for further information.


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The Ins & Outs of D&O Liability Insurance

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The Companies Act of 2004 revises the legal obligation of directors and officers within a company and imposes sanctions for non-‐compliance. Directors and officers of a company are now liable to pay fines for breaches under the relevant sections of the Act.

The question frequently asked is why should a company purchase Directors and Officers Liability Insurance? Section 204 of the Act states that a company

UNDERSTANDING DIRECTOR’S & OFFICER’S LIABILITY

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may purchase and maintain insurance for the benefit of any person against liability incurred by him in his capacity as a director or officer of a company other than liability for fraud.

This section of the Act provides the ideal question as to who is a director or officer of a company. The simplest definition is any natural person who was, or is, or becomes a director or officer of the company or a trustee of a Benefit Programme. This

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definition appears to remove any imbroglio as to who is a director or officer of a company and makes it difficult for any person or persons as defined, to extricate themselves from litigation if found guilty of an offence under the Act.

How can directors and officers of a company be protected is the next obvious question. The issue of rising litigation now being experienced in Jamaica is not a warm or comforting

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novella. In fact it would be quixotic of any company to believe they are immune from litigation including their directors and officers alike. The cost of defending lawsuits may very well exceed the net worth of the company and not to mention judgments that can be financially burdensome. The Directors and Officers Liability

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Policy protects the personal assets of directors and officers as well as the company’s assets for claims made against them during the period of the policy.

Potential scenarios in which Directors and Officers Liability claims can arise will be explored in a future article.

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-‐ Joy McCallum Binder Underwriting Manager

IIB Re-‐ A Division of CGM Gallagher Group

“How can directors and officers of a company be protected is the next obvious question.”


Demystifying Marine & Aviation Seminar On July 3, 2013, JSIPT in collaboration with the College of Insurance hosted a seminar which served as an introduction to both Marine and Aviation underwriting and claims. The target groups included brokers, underwriters and claims handlers at various levels within the profession. Presenters were drawn from within the industry who are accomplished practitioners in both classes with many years of experience and also from outside of the industry with specific intention to give a perspective on the practical aspect of marine and cargo movement.

The collaborative effort yielded success and provided the ideal hypothesis for future seminars as well as workshops.

THE JSIPT BOARD

Sheron Gilzean, Annette Robotham, Neville Henry, Jasmine Coley, Carlton Raymond, Sharon Smith, Joy McCallum, Lynford Reece, Michelle Robinson, Glasmine Hibbert, Heather Bowie


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January February March April

-‐ Lecture Series -‐ Annual General Meeting/Lyme

May June July August

Workshop Play Fun Day -‐

September October November December

-‐ Recognition & Awards Recognition & Awards -‐

JSIPT’S 2014 CALENDAR OF EVENTS

JSIPT NEWSLETTER -‐ THE PROFESSIONAL

ISSUE 1, JANUARY 2014

CONTRIBUTING WRITERS

DESIGNED & EDITED BY THE PUBLIC RELATIONS COMMITTEE:

Carlton Raymond Sharon Smith Joy McCallum

Jasmine Coley Sheron Gilzean

Michelle Robinson

Jasmine Coley Glasmine Hibbert Christian Watt

Carlton Raymond Sharon Smith Sheron Gilzean

C/o CIPS - 3a Richmond Avenue, Kingston 10, Jamaica, West Indies 876.929.3340/2/3 876.929.6159 876.929.6146

Documents

JSIPT Newsletter - The Professional (Issue 1)