Opposition spokesman on finance Julian Robinson on Tuesday warned that persons who have insurance policies should brace for sharp increases owing to significant costs that have already been imposed on insurance companies by the Financial Services Commission (FSC), the body that regulates them.

Debating the Insurance (Amendment of 20th Schedule) (No.2) Regulations 2026 in Parliament, Robinson said the Government’s decision to withdraw $500 million from the FSC had imperiled the financial position of the regulatory body.

He said the FSC has made a decision to increase the fees it charges to insurance companies. This move, according to Robinson, will have serious implications for persons who take out insurance policies as they will now face increased costs.