“WE GET THE BEST OF THE BEST SPEAKING AT THE
CONFERENCE AND WE CAN MAKE SURE EVERYTHING IS
TOPICAL AND RELEVANT.” KEVIN POOLE
the forum a high-profi le event and secures a very diverse group of
delegates representing the whole captive industry, he suggested. “It
gets a lot of attention.”
Byrne noted that there is a high client penetration and attendance
from C-suite representatives at the conference.
“What has happened as a result of that is that the insurance and
reinsurance markets from Bermuda, the US and Lloyd’s of London
have recognised this unique client concentration and access
opportunity and send representatives to the conference, which
enables clients to engage and/or conduct business with markets on
The forum is also an opportunity for current and prospective
licensees to meet with CIMA during the conference, Sadlier said.
“We spend most of the day during the conference hosting meetings.”
CIMA has a booth at the conference. “We are available at the CIMA
booth should any stakeholders have questions about the regulatory
framework or relevant matters,” she noted.
“The work of IMAC has been tremendous in building the success
of the forum,” Scott said. “I see it as the differentiator in terms of
Cayman versus other jurisdictions.”
The forum brings together multiple clients, prospective clients and
business partners in an environment which allows them to meet the
executives involved in delivering the quality and expertise. It gives
them reassurance that they are in right jurisdiction, Scott explained.
“They also get a better understanding of how they can benefi t from
Poole noted that the forum is now hosting many sessions, led by
various industry practitioners. “We get the best of the best speaking at
the conference and we can make sure everything is topical and
relevant,” he noted.
Brosnihan added that the proceeds generated by the forum are
funnelled towards the IMAC Educational Scholarship Foundation.
IMAC is very proud of its ongoing contribution to the youth of
Cayman, with the scholarship allowing these students to pursue a
college education, which they would otherwise not have the ability
to do, she noted.
Haddleton mentioned something that does not get much of an
24 cayman captive 2018
airing but which is vital to the future of the industry: the effi ciency of
the captive management model. “The industry works well because of
the effi ciencies of this model. It is not a high-margin business,” she
As a result, captive owners and insurance managers have to ensure
that the economic model continues to serve well and does not impair
the relevance of having a captive. In this respect, risk-based regulation
is essential for this sector, Haddleton said.
“A stacking of regulatory fi ling fees can reach the equivalent of a
multiple of the annual licence fee, and this cannot go unchecked,”
The industry is adapting
“We’ve seen there is a closer contact with regulators, IMAC and CIMA,
as to emerging accounting announcements and their effect on our
clients’ fi nancial statements and other operational considerations,”
Over the years BDO Cayman Islands has been expanding its audit
procedures, scoping in a number of compliance measures which
have been introduced. “Technology, client portals, and data mining
software allow us to perform audits more effi ciently and effectively,”
Snyman said that PwC has expanded its service offerings in Cayman
as the industry has grown. “We now have a tax practice here, and
partners, and we have two in-house actuaries which we wouldn’t have
“Similarly, PwC now offers risk assurance services which offer
governance purposes, AML, and cyber risk services.”
The regulations have been updated to include things such as
portfolio insurance companies (PICs), and Cayman is starting to
attract some class D reinsurers which can only help the Cayman
insurance market, Poole noted.
CIMA is particularly well informed and up to date in terms of the
international regulatory environment, Sadlier said. CIMA is an active
member of the International Association of Insurance Supervisors
(IAIS), and more specifi cally, is a member of several working groups
of the IAIS including the market conduct working group, as well as the
reinsurance task force.