A new lead to conduct IMAC
At September’s annual general meeting, Monique Jackson was voted in as chairman of the Insurance Managers Association of Cayman (IM AC). Having spent two years prior to this appointment as the Association’s vice chairman and many years up until that point sitting on IM AC committees and volunteering her time, Jackson is incredibly well versed in the broad range of activities of IM AC and the responsibilities that go with the job.
Jackson spent three and a half years with the Cayman regulator, imparting her strong body of knowledge with them while broadening her own perspective even further. While at the Cayman Islands Monetary Authority (CIM A), she worked with three different insurance regulators and gained valuable experience from each of them. She actually designed CIM A’s on-site inspection programme for captive insurance companies, which is still in use today.
Her time at CIM A has, according to Jackson, given her a really broad grounding in the industry, affording her the opportunity to review companies in both the captive and domestic insurance industries, meet with other regulators and actively participate in furthering Cayman’s cause.
IMAC’s vital role
During her time as vice chair, Jackson says IM AC has become increasingly active across the spectrum of its various committees (the Executive Committee is supported by four Committees: Education & Scholarship, Forum, Legislative & Regulatory, and Marketing). Jackson has also added another committee to this list: the Research and Development Committee, which will be set up to review opportunities for growth within the captive industry.
“The Legislative & Regulatory Committee has been busy working with government on the new Insurance Law and its subsequent regulations,” she explains. “The Scholarship Fund has ensured that funds are available for the various scholarships schemes underway. The Marketing Committee has been working hard to ensure that the right message about Cayman’s captive insurance business is heard. The Forum Committee has again worked all year round to produce another stellar conference this year. It’s an incredibly active association and, as chairman, it’s my job to oversee all this activity and ensure that everything runs cohesively. Not that it’s that difficult. The individuals chairing these committees are incredibly dedicated and knowledgeable, and I am proud to work with each and every one of them.”
Jackson says she relishes her new role, stating: “It’s incredibly important to me, and of course to the industry as a whole, that Cayman continues to maintain its position as the second-largest domicile for captives (second only to Bermuda). IM AC plays a vital role in the hard work that goes into retaining this position—not an inconsiderable job when you bear in mind the international pressures that are currently being heaped on the industry, such as Solvency II and healthcare reform in the US (the latter of which, it is anticipated, will actually be a positive initiative for the industry). Among our many important activities, it’s our job to ensure that Cayman’s captive insurance industry is properly understood internationally for the robust, thriving and well-regulated industry that it is.”