Requirements To Operate Different Types Of Financial Institutions In Jamaica Essay

7363 WordsJul 24, 200930 Pages
Question Using relevant legislation such as the Bank Act, Building Society Act, Friendly Societies Act, Insurance Act etc. 1. Explain the procedure and requirements for establishing - A Commercial bank - A Building Society - A Credit Union - An Insurance company - A cambio and money transfer facility 2. Discuss the efforts of the Jamaican Government in regulating these financial entities. 3. Discuss how easy or difficult it is in Jamaica to operate an unregulated financial Institution. Introduction The Law and Regulation of Financial Institutions provides a practical review and analysis of all the major laws and regulations governing commercial banking and other financial institutions. It covers the basic principles of how commercial banks, credit unions building socities, insurance companies and cambios, and related institutions are regulated, what laws control and limit the activities of such institutions, and what legal rights and duties apply to commercial transactions involving checks, credit cards, electronic transfers, secured financing, letters of credit, co these institutions. Part 1 Using relevant legislation such as the Bank Act, Building Society Act, Friendly Societies Act, Insurance Act etc. 1. Explain the procedure and requirements for establishing - A Commercial bank - A Building Society - A Credit Union - An Insurance company - A cambio and money transfer facility A Building Society A building society is a financial institution, owned by its members, that offers banking and other financial services, especially mortgage lending. All building societies in Jamaica are supervised by the Bank of Jamaica. Under section 8 of the Building Societies Act “Application for licence” entails submitting an application to the Minister of Finance containing the prescribed

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