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Explore the events that led to Jamaica’s financial meltdown in the 1990s and the formation of FINSAC. This page reveals the hidden truths behind government actions, the trauma faced by debtors, the rise of the FINSACED Entrepreneurs Association, and the long-awaited but never-delivered outcomes of the Commission of Enquiry. A firsthand account of systemic failure, injustice, and unanswered questions.
Read Full Story
Submission of Hon. Danny Williams - HEAD OF LIFE OF JAMAICA INSURANCE COMPANY
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This submission from Hon. Danny Williams details the history and ultimate financial collapse of Life of Jamaica (LOJ) during the FINSAC era. The document explains that in the mid-1990s, policies led to a severe mismatch in LOJ's assets and liabilities, causing the company, once solid and profitable, to face insolvency. With asset values plummeting while interest costs skyrocketed, LOJ lost $1.053 billion in 1996 and required a capital infusion. FINSAC intervened in 1997, providing $1.2 billion in exchange for 26.5% of the company's shares and later increased their shareholding to 76% with an additional $2.2 billion in capital. The submission highlights that FINSAC's intervention was necessary to restore LOJ's solvency.
