Cayman Islands Premier McKeeva Bush has been arrested over the alleged misuse of a government credit card and importing explosive materials.
In response to the allegations, a spokesperson from the Insurance Managers Association of Cayman (IMAC), said: "IMAC has full faith in the Cayman Islands' judicial system and trusts that justice will prevail as the investigation proceeds.”
“Cayman is a vibrant financial services centre, with robust legislation, quality service providers and an independent regulator (the Cayman Islands Monetary Authority, CIMA) who work to ensure that Cayman remains a preferred jurisdiction in which to do business."
Bush’s arrest coincided with the IMAC annual general meeting, where CIMA head of insurance supervision Gordon Rowell outlined why Cayman’s insurance industry has been successful, and predicted that this is likely to continue.
Speaking at the event, Rowell explained that it “has been the busiest year for new business in recent memory”, revealing a 57 percent increase in licence applications year-on-year. He also added that existing licensees had considerably grown assets, surpassing the $88 billion threshold.
Rowell said that the implementation of the new Cayman Islands Insurance Law, which is “designed to be responsive and to allow business to flourish”, and the regulatory framework, which “addresses entities based on the nature, scale and scope of the risk”, have contributed to the success of the islands’ insurance industry.
He compared the Cayman insurance industry to that of other jurisdictions, where “over-regulation, or poorly though-out regulation creates additional costs [which could] kill the production efficiencies required to spark the necessary growth”.
