“We are therefore actively participating in the development of
evolving and emerging regulations from a global standpoint. That
allows us to be one step ahead in terms of the integration and
implementation of such regulations,” Sadlier commented.
CIMA is also a participant of other international bodies including
the Group of International Insurance Centre Supervisors (GIICS) and
from this activity, CIMA continually conducts research, looking at
emerging risks and technological innovations.
“Insurtech is a rapid growth area at present, and we want to
ensure that at CIMA we are well placed to understand and supervise
these new products that are emerging within captives and other
licensees too,” Sadlier said. “Discussion on big data and blockchain
technologies is something that we are actively researching to ensure
we are positioned to adapt as necessary.”
Byrne emphasised the need to engage more with clients to move
away from the traditional lines. “We have unique access to the client
leadership and are using this opportunity to proactively drive the
captive conversation as it relates to captive best practices, bench
marking, utilisation and expansion opportunities.” He noted that
Cayman managers are becoming more proactive in this regard, and
more consultancy-based than they were in the past.
While Cayman has lost some of the insurance-linked securities (ILS)
business to Bermuda, Poole said that Artex is talking to some clients
to try to include such programmes as an add-on to traditional captive
“Cayman is very plugged in globally from a regulatory perspective,”
Scott noted. “When you look at global trends, what I’ve always been
pleased with is not only do we ensure that we understand what the
global trends are but we try to anticipate where they are going.”
Cayman looks to model regulations to fit the client base. Scott
emphasised the ability of the industry in Cayman to constantly
26 cayman captive 2018
innovate, develop skillsets, and focus on what the clients’ needs are
and the risk.
“That and the sheer knowledge also helps the jurisdiction continue
to move and progress because it’s looking at all the different aspects
of the stakeholders in the industry, bringing together clients, working
close with the regulator. It’s moving and developing forward as an
ecosystem,” he added.
The support of CIMA is very important, Snyman said. What’s great about
CIMA is they are accessible and very open to dialogue and discussion.
That helps new captive formations and clients that are adapting their
business. “We all appreciate that. Even with the new laws and regulations,
we as service providers can provide input into that,” she noted.
Trenouth added: “There is a really good balance between a
respected overseer, and not stifling innovation.”
What makes IMAC special?
IMAC acts as the primary and key liaison between industry members
and CIMA from a regulatory standpoint, and the government from
a legislative and marketing standpoint, Brosnihan said. IMAC and
CIMA hold regular meetings to discuss any issues and flush out
any concerns that may arise, in order to maintain the innovation and
competitive edge of the jurisdiction.
“We believe our members view this as IMAC’s most critical role,”
Byrne noted that IMAC is a collective. “While some of us compete
with each other through the week, there is a common bond between
the representatives of the industry here. There is a consistency to the
messaging which is important,” he said.
Brosnihan agreed: “I think that is a unique feature, we are competing
for business, yet but we come together for the greater good of the