New Regulatory Policy On Recognition And Approval Of An Actuary

In October 2024, the Cayman Islands Monetary Authority (CIMA) issued an updated Regulatory Policy on the Recognition and Approval of an Actuary (the "Policy"), setting out its minimum criteria and process for determining whether to recognise and approve an actuary to be appointed by a (re)insurer, in accordance with the professional standards of all internationally recognised actuarial governing bodies. It is a positive development for the actuary approval criteria to be strengthened and refined, and as we continue to see growth in the long-term (re)insurance market in Cayman, the strength of our actuarial review process is becoming increasingly relevant. In particular, the changes include confirming a guideline level of a minimum of 5 years' relevant experience, more comprehensive evidence required for CIMA's review and more detailed criteria for potential disqualification, which helps to ensure that actuaries acting for (re)insurers meet and continue to meet the