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Cayman Touts Insurance Industry Offering In America

by Mike Godfrey, Tax-News.com, Washington

17 May 2012


A delegation from the Cayman Islands insurance industry attended the 50th Annual Risk and Insurance Management Society conference held last month, to promote the jurisdiction' position as a growing domicile for captive insurance companies.

The Risk and Insurance Management Society (RIMS) conference and exhibition is the largest gathering of risk professionals in North America. This year, the event saw over 10,000 visitors from all around the world, ranging from risk and insurance management executives to brokers, insurers and service providers.

Although already established as an insurance company domicile, the Cayman Islands announced at the start of this year that it would seek to challenge Bermuda's supremacy as the leading domicile for insurance companies serving the US market. Unlike Bermuda the Cayman Islands will not seek equivalence with the EU Solvency II Directive, meaning that the territory will in theory attract insurers looking to circumvent the stringent capital buffer requirements.

In attendance on behalf of the Cayman Islands were Chairman of the Insurance Managers Association of Cayman (IMAC), Clayton Price; the Head of Insurance Supervision for the Cayman Islands Monetary Authority (CIMA), Gordon Rowell; and representatives from over 20 private sector companies, including banks, insurance managers and auditors.

Commenting following the event, Rowell said: “As the second largest captive jurisdiction globally, the Cayman Islands presence at RIMS is critical to our ongoing success. CIMA hosted several positive meetings with clients - both existing and potential - and we look forward to continuing to strengthen our relationship with the Insurance Managers in promoting the Cayman Islands as a premium financial services jurisdiction for captives and reinsurance.”

Price added: “IMAC, CIMA and the Cayman Islands government’s participation at RIMS is instrumental in ensuring that the Cayman Islands remains on the cutting edge as an insurance domicile. The 2012 RIMS was well attended, and presented a tremendous opportunity to meet with thousands of key decision makers in the insurance industry all-in-one location. The Cayman delegation attracted a large number of visitors interested in finding out more about business in Cayman, and this afforded the 36 Cayman delegates a fabulous opportunity to deliver our message of integrity, intellect and innovation, which makes the Cayman Islands the domicile of choice.”

Cayman Islands Premier and Minister of Finance, McKeeva Bush, noted: “The Cayman Islands is finalizing a new legal and regulatory framework that will help to pave the way for new opportunities for our jurisdiction as a leading domicile for captive insurance and a centre of excellence for reinsurance."

A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes 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
TAGS: tax | business | law | insurance | international financial centres (IFC) | Cayman Islands | offshore | captive insurance

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