Archive for September, 2016

Cayman captives boosted by non-traditional risk

Thursday, September 22nd, 2016

According to the Cayman Islands Monetary Authority (CIMA), 2016 has been a very active year for new captive insurance formations, with 23 new licences granted over the 1st 6 months of the year. This number exceeded the issuance of licences in the whole of 2015.

Head of Insurance Supervision at CIMA, Ruwan Jayasekera, said that historically, November and December are the busiest months in terms of new captive formations, “and if the same applies to 2016, the year will be another phenomenal year for the jurisdiction in terms of new captive/(re)insurance company formations”.

He added: “CIMA is seeing a shifting trend in new captive/(re)insurance company formations, with more and more companies being formed to assume unrelated and non-traditional risks”. Changes made to the main insurance law, supporting regulations and the regulatory framework within the last five years to accommodate sophistication and innovation have had a positive impact on the insurance industry, with insurance groups, intermediaries and hedge-funds in particular choosing Cayman to house their (re)insurance subsidiaries.”

CIMA appoints temporary banking boss

Wednesday, September 14th, 2016

The Cayman Islands Monetary Authority (CIMA) has appointed Gloria Glidden as the acting head of itsbanking supervision division.

Glidden will take up the job on October 1 following the resignation of the current boss, Charles Ilako, who leaves at the end of this month. Glidden has held the deputy post since March 2014 but will now take over the oversight of international and commercial banks and trusts, the development bank, as well as money services businesses, building societies and cooperative societies here.

Although Glidden’s new role is as acting head and therefore temporary, CIMA is pleased to be able to fill the key position through promotion from within the authority.

Glidden is a Certified Public Accountant with 18 years post-qualification experience in finance and accounting spanning various industries such as auditing, utilities, telecommunications and financial services, with five and a half years in hedge fund administration.

Financial Ministry brings key bills ahead of CFATF review

Monday, September 12th, 2016

The financial services minister will be presenting another 4 bills at the forthcoming meeting of the Legislative Assembly in order to ensure Cayman successfully clears next year’s Caribbean Financial Action Task Force’s (CFATF) mutual evaluation process and improve the financial sector’s regulatory framework. The 4 legislative pieces are intended to maintain Cayman’s adherence to international standards and will give greater powers for law enforcement and regulatory agencies to police the sector and cooperate with international counterparts.

The draft bills will be debated in October. They provide greater clarity about the type of businesses that have a responsibility to adhere to the international standards.

The bills are as follows:
• the Monetary Authority (Amendment) Bill, 2016;
• the Auditors Oversight (Amendment) Bill, 2016;
• the Companies Management (Amendment) Bill, 2016;
• the Non-Profit Organisations Bill, 2016.

The Monetary Authority bill will allow the Cayman Islands Monetary Authority (CIMA) to implement an administrative fines regime as a mechanism to ensure the industry’s compliance with laws and regulations that support the jurisdiction’s anti-money laundering regime and international standards.