CIMA signs deal with American insurers group

Offices of CIMA and the Cayman Islands Stock Exchange, George Town

(CNS): The Cayman Islands Monetary Authority has signed a memorandum of understanding with the National Association of Insurance Commissioners (NAIC) to help insurance supervisors in the United States and Cayman Islands coordinate on regulatory issues with the goal of efficient, fair, safe and stable insurance markets, a release from CIMA stated. The agreement encourages a formal framework to provide mutual assistance and exchange of information to coordinate compliance in each jurisdiction.

CIMA Managing Director Cindy Scotland said the agreement was a significant milestone in the authority’s ongoing collaboration with the regulators of the world’s largest insurance market.

“I am confident that this agreement will strengthen the relationship between the NAIC and the Authority. It will also provide stronger capabilities for each organisation to achieve our common goals of economic stability and consumer protection,” she said.

The regulators said it has established good working relationships with various state regulators within the US and other regulatory, standard setting bodies outside of the Cayman Islands.

To date, CIMA has entered into 55 bilateral agreements and six multilateral agreements with regulatory authorities, including the International Association of Insurance Supervisors and US Banking regulators (Federal Reserve System Board of Governors, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision).

This deal was signed on 4 August during a meeting of the International Insurance Relations (G) Committee at the 2018 NAIC Summer National meeting held in Boston.