Reinsurance Sector to be further developed in Cayman
In the beginning of June, the government of the Cayman Islands elaborated on April’s budget address, in which Kurt Tibbetts announced measures to be taken during the 2008-2009 fiscal year with a view to further develop the reinsurance sector in Cayman.
The measures announced this year are based on recommendations that were submitted to Government on April 23, 2008 by the Reinsurance Task Force (RTF). Its recommendations aim at promoting commercial certainty for prospective reinsurance firms and developing progressive approaches to regulating reinsurance companies in Insurance Law.
According to the recommendations made by the RTF, reinsurance firms wishing to take advantage of Cayman should enter into a “social contract” with the government, which will reflect a partnership approach to joining the financial services community of the Cayman Islands.
Alden McLaughlin, Minister for International Financial Services Policy, the reinsurance business plays to natural strengths of the jurisdiction.