Co-operation & engagement pushing Cayman forwards
Evolving global financial standards have led the government of the Cayman Islands to chart a steady course towards success by working with organisations such as the OECD, according to the Hon. André Ebanks, Minister of Financial Services and Commerce of the Cayman Islands.
“The Cayman Islands government has bolstered and maintained a regulatory framework that balances our ability to meet and exceed international standards with our desire to address the latest commercial needs,” said Ebanks in the Cayman Focus edition of Captive International. “In addition, Cayman attracts the level of knowledge and expertise that can thrive across the entire financial services industry, including the captive insurance sector.”
Ebanks said that among the Government’s key partners is the Insurance Managers Association of the Cayman Islands (IMAC). Over the years, IMAC has steadily promoted the solidity of Cayman’s captive products and the capabilities of Cayman’s industry professionals. As a result, Ebanks said, captive insurance has made a positive contribution to the jurisdiction’s reputation and Cayman is proud to be the world’s leading jurisdiction for healthcare captives and group captives.
According to statistics provided by the Cayman Islands Monetary Authority (CIMA), as of September 30, 2022, there are 668 class B, C and D insurance companies in the jurisdiction—slightly above the September 2021 figure of 662 companies. These companies now oversee a total asset value of nearly $75 billion.
Ebanks added that Cayman has also been adhering to international standards in terms of taxation, an area that it has been criticised on in the past.
“As a jurisdiction, these evolving standards have been a focus in recent years, with Cayman addressing external assessments by international regulatory bodies and undertaking jurisdictional initiatives,” said Ebanks. “Two of the major entities involved are the Organisation for Economic Co-operation and Development (OECD), which oversees the international standards for tax matters, and the Financial Action Task Force (FATF), the global standard-setter for anti-money laundering, counter-financing of terrorism and counter proliferation financing.”