Petition for Refunds on Motor Vehicle Insurance in Jamaica To: The Government of Jamaica, Financial Services Commission (FSC), Insurance Association of Jamaica (IAJ), and Motor Vehicle Insurance Providers Subject: Call for Fair and Transparent Refund Policies on Motor Vehicle Insurance We, the undersigned, hereby petition for a refund policy on motor vehicle insurance in Jamaica to be implemented, ensuring fairness for policyholders who do not utilize their full coverage period due to vehicle sale, transfer, or loss. Reasons for This Petition 1. Lack of Pro-Rated Refunds • In Jamaica, many insurance providers do not offer refunds if a policyholder cancels their insurance before the expiration date. This is unfair to vehicle owners who may sell, transfer, or decommission their vehicle before their policy term ends. 2. Unfair Financial Loss to Consumers • Policyholders often pay substantial premiums upfront but receive no compensation when coverage is no longer needed. This results in financial loss, especially when policies are terminated due to unforeseen circumstances. 3. Precedents in Other Jurisdictions • Many countries, including the United States and Canada, allow for pro-rated refunds when a policy is canceled early. Implementing this system in Jamaica would align the insurance industry with international best practices. 4. Encouragement of Fair Competition • Introducing refund policies will promote fairness and transparency in the insurance sector, encouraging insurers to offer better terms to attract customers. 5. Relief for Hardworking Citizens • With the high cost of living and economic challenges, Jamaicans should not be forced to forfeit money for services they no longer need or use. A refund system would provide financial relief to vehicle owners facing unexpected life changes. Our Requests We urge the Government of Jamaica, the Financial Services Commission (FSC), and insurance providers to: 1. Implement a mandatory pro-rated refund policy for unused motor vehicle insurance when a policyholder cancels before the expiration date. 2. Establish clear guidelines on how refunds should be calculated and processed. 3. Ensure greater transparency in insurance contracts regarding refund policies. 4. Introduce a public education campaign to inform policyholders of their rights. Sign This Petition to Support Fairness in Motor Vehicle Insurance! By signing this petition, you demand a fair, consumer-friendly insurance system that benefits all Jamaicans. Let’s ensure our hard-earned money is protected and that insurance policies work in the best interest of the people. Together, we can bring about positive change!
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