RESTRICTED
WORLD TRADE S/FIN/W/12/Add.38
3December 1997
ORGANIZATION(97-5313)
Original: English Committee onTrade inFinancial Services
COMMUNICATION FROM JAMAICA
Conditional Offer onFinancial Services
Addendum
Thefollowing communication iscirculated attherequest ofJamaica toMembers ofthe
Committee onTrade inFinancial Services.
_______________
Jamaica hereby submits totheCTFS itsconditional offer onFinancial Services. Thisoffer
isconditional uponasuccessful conclusion ofthenegotiations oftheCommittee onTrade inFinancial
Services.
Jamaica reserves theright tomodify, reduce orwithdraw thisoffer, inwhole orinpart,
dependent ontheresult ofthenegotiations onfinancial services.
Jamaica alsoreserves therighttomake technical changes tothisofferandtocorrect anyerrors,
omissions orinaccuracies thatmayhavebeencommitted duetooversight orother reasons.S/FIN/W/12/Add.38
Page2JAMAICA
DRAFT SCHEDULE OFSPECIFIC COMMITMENTS -FINANCIAL SERVICES
Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
7. FINANCIAL SERVICES
A. AllInsurance and
Insurance-Related Services
a) Life, accident andhealth
insurances services
(CPC 8121)(1) Unbound
(2) Unbound
(3) Under thecurrent government policy,
permission isgranted forinvestments up
to100% foreign ownership subject toa
review oftheinvestors 'application bythe
Ministry ofFinance onacase-by-case
basis. TheSuperintendent ofInsurance
must besatisfied thatadequate funds will
bedeposited inJamaica tocover the
domestic liabilities ofthese companies.(1) Unbound
(2) Unbound
(3) None
(4) Unbound except asindicated inthe
horizontal section.(4) Unbound except asindicated inthe
horizontal section.S/FIN/W/12/Add.38
Page3Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
b) Non-life insurances services
(CPC 8129)(1) None
(2) None
(3) Asindicated under mode (3)forLife,
accident andhealth insurance above.
(4) Unbound except asindicated inthe
horizontal section.(1) None
(2) None
(3) None
(4) Unbound except asindicated inthe
horizontal section.
c) Reinsurance and
retrocession (CPC 81299)(1) None
(2) None
(3) Asindicated under mode (3)forLife,
accident andhealth insurance above.
(4) Unbound except asindicated inthe
horizontal section.(1) None
(2) None
(3) None
(4) Unbound except asindicated inthe
horizontal section.
d) Services auxiliary to
insurance (including
broking andagency
services)
(CPC 8140)(1) Unbound
(2) Unbound
(3) Asindicated under mode (3)forLife,
accident andhealth insurance above.
(4) Unbound except asindicated inthe
horizontal section.(1) None
(2) None
(3) None
(4) Unbound except asindicated inthe
horizontal section.S/FIN/W/12/Add.38
Page4Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
Banking andother financial services:
Head Note:
1. Sections a)-c)willbesubject toallprudential criteria inaccordance withJamaican laws andregulations.
2. TheBanking Act(Part III,Section 6:1(a) onCapital andReserves) prescribes thatinthecaseoflocal banks, capital ofJ$80million must besubscribed upon
application foralicence. Inthecaseofaforeign bank notlessthanJ$250million must bepaidincashatthetime ofapplication foralicence. TheMinister
canwaive thisrequirement.
B. Banking andother financial
services
a) Acceptance ofdeposits and
other repayable funds from
thepublic
(CPC 81115 -81116)
b) Lending ofalltypes,
including consumer credit,
mortgage credit, factoring
andfinancing of
commercial transactions
(CPC 81113)(1) Unbound
(2) Unbound
(3) Entry authorization subject toprudential
criteria under relevant laws and
regulations.
(4) Unbound, except asindicated inthe
horizonal section
(1) Unbound
(2) Unbound
(3) Entry authorization subject toprudential
criteria under relevant laws and
regulations.
(4) Unbound, except asindicated inthe
horizonal section(1) Unbound
(2) Unbound
(3) None
(4) Unbound, except asindicated inthe
horizontal section
(1) Unbound
(2) Unbound
(3) None
(4) Unbound, except asindicated inthe
horizontal sectionS/FIN/W/12/Add.38
Page5Modes ofsupply: 1) Cross-border supply 2) Consumption abroad 3) Commercial presence 4) Presence ofnatural persons
Sector orSub-sector Limitations onMarket Access Limitations onNational Treatment Additional
Commitments
c) Provision andtransfer of
financial information, and
financial dataprocessing
andrelated software by
providers ofother financial
services
(CPC 8131)(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizonal section(1) None
(2) None
(3) None
(4) Unbound, except asindicated inthe
horizonal section