The IMAC Quarterly covers news and updates on conferences, legislative, regulatory, statistics and educational information relative to insurance captives domiciled in the Cayman Islands.

 

In continued support of the successful Cayman Captive Forum, main sponsors KPMG have kindly provided a highlights brochure covering the key themes of the 2009 conference. The publication provides an overview of key topics for all our members to read and for those who attended, a useful reminder of the discussions and educational topics that took place. Should anyone require a hardcopy of the brochure, please e-mail Dara Keogh at KPMG darakeogh@kpmg.ky.

  Seven key players in the Cayman captive sector sat down around an e-table and answered five big questions.

 

 This special conference edition features Healthcare Captive Statistics, and an overview of the Heathcare Education offered at the Cayman Captive Forum, December 1-3, 2009. (click here)

 

IMAC is pleased that once again the Cayman Islands Financial Services is sponsoring a booth at ASHRM Annual Conference & Exhibition, at the Colorado Convention Center. A contingency of approximately 40 individuals are in attendance this year, including both the public sector and the private sector. The public sector attendees will include the Honourable Leader of Government Business (McKeeva Bush), three representatives from the Cayman Islands Monetary Authority, and three other Cayman Islands Government representatives, indicting the importance of this sector to the Cayman Islands. In addition, from the private sector there are many IMAC representatives including captive insurance managers, auditors, attorneys, bankers and investment managers. If you are in the convention center, please come visit us at booth 427, and drop us a business card and be eligable for our grand drawing.

Financial services associations, including IMAC, commissioned a report from Oxford Econcomics on the economic impact of the financial services industry in the Cayman Islands.  The study  was released in March 2009 and reveals that financial services generated CI$1.2 billion in GDP in 2007, representing 55% of the total Cayman economy. 

 

When downstream impacts are included, financial services generated employment of 12,603.  This represents 36% of all employment in the country and nearly 60% of these employees are Caymanian.  For a copy of the full report click here.

Captive Insurance - Company Case Studies - the reinsurers prospective by Kieran O'Mahony Aon Insurance Managers (Cayman) Ltd.

This article apppears in the Cayman Financial Review and is available as in pdf format (click here)

Cayman Islands Continues to Demonstrate Transparency - The Cayman Islands announced today that it will conclude a further 16 tax information exchange agreements (TIEAs) with several G-20 jurisdictions of economic significance to the country, in addition to the 14 TIEAs already in place.  A breakdown of the identified 16 pending TIEAs is as follows:

Cayman Islands on OECD Global Forum Steering Group. The Cayman Islands has been elected as a member of the Organisation for Economic Cooperation and Development’s (OECD) Steering Group at the recent Global Forum on Transparency and Exchange of Information held in Mexico.

OECD Recognises Cayman Islands International Tax Cooperation Regime The Organisation for Economic Cooperation and Development (OECD) added the Cayman Islands to its ‘white list’ of jurisdictions that substantially implement international tax standards.

CIMA Appointments Head of Insurance Supervision Mr. Gordon Rowell has been an insurance industry professional since 1986 and will take up the appointment on 15 April.

IMAC Quarterly Newsletter Q1 2009 is released covering legislative, regulatory, statistics, educational and general Cayman captive industry updates.

Financial Sector Commitment is Reaffirmed The Journal article issued in January 2009 noting the Cayman Islands government commitment to the financial services sector.