IAIS Seminar in the Cayman Islands

The Cayman Islands have their own regulatory platform that is in compliance with international standards. CIMA is currently monitoring Solvency II’s potential impact on the captive insurance market and is waiting until it can quantify the changes before it contemplates adapting the new equivalency requirements.

Chairman of the Insurance Managers Association of Cayman (IMAC), Clayton Price, said, “IMAC stands firmly behind CIMA’s balanced and pragmatic approach to Solvency II. The Cayman Islands has a completely transparent regulatory model that has withstood the test of time. It is the unintended consequences that need to be carefully considered. Unless captives are carved out of this regulation that has been designed for commercial re/insurers, we believe that Solvency II will needlessly drive up capital costs for our North American Clients.”