13 December 2012Cayman analysis

Cayman captives won’t be affected by Premier’s arrest

The Royal Cayman Island Police Service (RCIPS) has confirmed that Cayman Island Premier McKeeva Bush was arrested and then released on bail on Tuesday night. He was charged with theft in connection with financial irregularities relating to the alleged misuse of a Government credit card along with breach of trust, abuse of office and conflict of interest. More serious charges against the Premier have been dropped.

The Insurance Managers Association Cayman (IMAC) moved quickly to reassure the Cayman-domiciled captive industry in the wake of the arrest, releasing the following statement: "The Insurance Manager's Association of Cayman has full faith in the Cayman Islands' judicial system and trusts that justice will prevail as the investigation proceeds.  Cayman is a vibrant financial services centre, with robust legislation, quality service providers and an independent regulator (the Cayman Islands Monetary Authority who work to ensure that Cayman remains a preferred jurisdiction in which to do business."