CIMA signs MoU with American insurers group

The Cayman Islands Monetary Authority (CIMA) signed a memorandum of understanding (MoU) with the National Association of Insurance Commissioners (NAIC) with a view to help insurance supervisors in the US and Cayman Islands coordinate on regulatory issues with the goal of efficient, fair, safe and stable insurance markets. According to a press release from CIMA, signed on August 4, the agreement encourages a formal framework to provide mutual assistance and exchange of information to coordinate compliance in each jurisdiction.

CIMA Managing Director Cindy Scotland said that the memorandum of understanding was a significant milestone in the CIMA’s ongoing collaboration with the regulators of the world’s largest insurance market. She noted: “I am confident that this agreement will strengthen the relationship between the NAIC and the Authority. It will also provide stronger capabilities for each organisation to achieve our common goals of economic stability and consumer protection”.

CIMA said it has established good working relationships with various state regulators within the US and other regulatory, standard setting bodies outside of the Cayman Islands.

To date, CIMA has entered into 55 bilateral agreements and 6 multilateral agreements with regulatory authorities, including the International Association of Insurance Supervisors and US Banking regulators (Federal Reserve System Board of Governors, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision).

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