To be successful in this competitive industry requires political and economic stability, a responsive legal system, a stable banking environment, a sound regulatory regime, tax neutrality and the presence of highly sophisticated service providers. All these factors, as well as Cayman’s continued status as an overseas territory of the U.K. and its cooperation with the U.S. and the European Union, provide the groundwork for a successful financial industry.
The presence of the Cayman Islands Monetary Authority (CIMA), through its insurance division, provides the Cayman captive domicile a clear and carefully enforced regulatory environment. The sound regulatory regime, government support and support from the Insurance Managers Association of Cayman (IMAC) facilitates the success of the Cayman Islands as a leading captive domicile.
CIMA, is one of the 184 members of the International Monetary Fund (IMF) organization. A recent report released by the IMF assessing supervision and regulation in the Cayman Islands’ banking, insurance and securities industries, as well as its anti-money laundering regime, recognized the jurisdiction’s comprehensive regulatory and compliance frameworks.
“An extensive program of legislative, rule and guideline development has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures,” noted IMF assessors. The report further stated that “the supervisory system benefits from a well-developed banking infrastructure with an internationally experienced and qualified workforce as well as experienced lawyers, accountants and auditors,” adding that, “the overall compliance culture within Cayman is very strong, including the compliance culture related to AML (anti-money laundering) obligations…”.
The international financial base, exceptional regulatory regime and the untiring commitment of all service providers within the jurisdiction, bodes well for the continued success, development and high standards for the Cayman Islands as a domicile of choice.
For more information on the Cayman Island Monetary Authority, please visit cimony.com
The Cayman Islands is the second largest domicile for captive insurance companies worldwide and holds the number one position for health care sector captives.
The Insurance Law (2010) gives the Cayman Islands Monetary Authority the responsibility of regulating the insurance industry in the Cayman Islands. For more information on CIMA Laws & Regulations, visit cimoney.com
Cayman Islands Monetary Authority (CIMA) governs in accordance with core principles established by the International Association of Insurance Supervisors (IAIS):
- Regulatory flexibility exercised in a prudent manner
- Focus on client access to the regulator
Head of Insurance Supervision
Cayman Islands Monetary Authority
80e Shedden Road
P.O. Box 10052
Grand Cayman KY1 – 1001
Cayman has signed bilateral tax information exchange agreements with Argentina, Aruba, Australia, Canada, China, Colombia, Denmark, Faroe Islands, Finland, France, Germany, Greenland, Guernsey, Iceland, India, Ireland, Japan, Mexico, The Netherlands, Netherlands Antilles, New Zealand, Norway, Portugal, South Africa, Sweden, United States and United Kingdom.
For further information please visit www.caymanfinance.gov.ky