CIMA Meets Regulatory Challenge In Insurance

As Cayman's captive insurance and nascent reinsurance, international insurance and life and annuity industry continues to evolve to meet the growing challenge of competition from onshore domiciles and continued soft market conditions, CIMA has responded by expanding the breadth of its regulatory capabilities. The regulator also recently published an extensive summary of the industry feedback relating the Rule on Corporate Governance in the insurance sector, which is seen as enhancing and underpinning the operations of insurers and reinsurers incorporated within the Cayman Islands.

In July 2016, Ruwan Jayasekera was confirmed as Head of the Insurance Supervision Division at CIMA. No stranger to Cayman, Jayasekera previously worked in the division between 2007 and 2011 before he returned to Sri Lanka, working for Allianz Insurance Lanka Ltd. He returned to CIMA in 2013 as Deputy Head of the Insurance Division and was installed as acting head in March 2016.