The Cayman Islands Monetary Authority (CIMA) is hosting senior members from the International Association of Insurance Supervisors (IAIS) as well as industry participants from June 18 through the 21 for the IAIS Global Seminar and Committee Meetings.
The impact of Solvency II as well as other burgeoning international regulation will be the focus of the seminar. The Cayman Islands, the second largest captive domicile in the world with $11.8 billion in premiums will acutely feel the impact of any nascent regulation.
CIMA has been monitoring the regulatory situation in Bermuda, which has been working to meet Solvency II requirements in the hope Europe will consider segmented equivalence for Bermuda, which will allow captives to be treated differently, however the exemption has not been tested.
