CAPTIVE INSIGHT
Over the past decade, competition from both
US and other international domiciles has
increased dramatically - so Cayman must
continue to stay at the top of its game if we
are to remain at the forefront of risk managers
minds during the domicile selection process.
Cayman’s Insurance Managers are ultimately
responsible in meeting this challenge - which
is one we relish. As a fundamentally long-term
financial and risk management structure,
captives and other insurance vehicles need
jurisdictions that do not stand still and adapt
meet the needs of an ever-changing corporate
environment.
The Insurance Manager arguably assumes
a captive insurer’s most important role - by
providing their direct representation to the
Cayman Islands Monetary Authority (CIMA),
the local regulatory body. Furthermore, we
are tasked with ensuring diligent corporate
governance and regulatory compliance and
full-service accounting functions are normally
included within the management services
agreement.
Essentially, Insurance Managers are tasked
with maintaining a constant balance which
ensures that their clients meeting the growing
requirements of regulatory oversight, while
assisting the client to maximising commercial
opportunities. Excellent client service and
responsiveness also remains vital - with
business decisions being even more time
critical in this digital age.
Notwithstanding the aforementioned, what
often sets Cayman apart from its competitors
is the ability of its service providers to afford
their captive clients with greater value-added
services. These include everything from
unique loss mitigation solutions, to innovative
reinsurance program design and loss portfolio
transfer solutions.
Although the wider international insurance
industry is starting to embrace technology and
blockchain led solutions, the captive insurance
industry has been somewhat left behind in
this regard to date. This needs to change.
CAPTIVE
JURISDICTIO
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