The Cayman Islands Monetary Authority (CIMA) has announced that it is to undertake a review of the jurisdiction’s domestic insurance market to examine issues that have arisen in the wake of Hurricane Ivan, which struck the island in September.
The review was sought by CIMA’s board of directors after several incidents of underinsurance came to light.
The Authority will perform the review, in conjunction with the private sector, commencing mid-2005, when both parties will have a fuller picture of the impact of the hurricane.
CIMA has also been asked by the Cabinet to investigate claims of underinsurance.
A comprehensive report in our Intelligence Report series looking at offshore insurance is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.asp
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