A permanently appointed Central Government employee is eligible for a loan to assist with the payment of Motor Vehicle Insurance Premium.
The Accountant General operates three types of Insurance Loan Schemes.
a.A discretionary loan where officers on whose Motor Vehicle the Accountant General’s Department holds a lien, are entitled to a maximum of $ 20,000.00
b.Members of the Jamaica Civil Service Association who are insured with Covenant Insurance Brokers Limited are eligible to receive a loan for 80% of the cost of the premium not exceeding $50,000.00
c.A discretionary loan where officers on whose Motor Vehicle the Accountant General’s Department does not hold a lien are eligible for a maximum amount $ 10,000.00 with sureties.
Loan applications are made through the applicant’s Human Resource Department and then submitted to the Accountant General’s Department with supporting documents for approval.
The application for Motor Vehicle Insurance loan must be submitted at least two (2) weeks before the expiry date of last insurance.
Repayment for Insurance Loans
The loan is repayable within a twelve (12) months period as it relates to option (a) and (b) and a nine (9) months period for option (c) above.
Loan attracts a 5% per annum interest on reducing balance and is payable every quarter.
Documents Required by AGD for Insurance Loans Approval
The original of the following must be submitted by the applicant:
1.Proof of Address for Applicant and Surety e.g. (electricity or water bill
2.Picture identification for Sureties ( Passport, Driver’s Licence, National ID)
3.Two (2) Surety forms stamped at the Stamp Office and signed by a Justice of the Peace ( where applicable)
4.Appointment letters for Sureties (where applicable)
5.Certificate of Fitness
6.Certificate of Registration
8.JCSA membership verification letter
9.Cover letter from respective MDA
10.Application letter/memo from applicant