The Cayman Islands Monetary Authority (CIMA) and the National Association of Insurance Commissioners (NAIC) have signed a memorandum of understanding.
The signing, which took place on 4 August during the 2018 NAIC Summer meeting in Boston, is designed to help insurance supervisors in the US and Cayman to coordinate on regulatory issues, with the goal of efficient, fair, safe and stable insurance markets.
In addition, the agreement encourages a formal framework to provide mutual assistance and exchange of information to assist in the better understanding and coordinating compliance with applicable laws, regulations, rules, and requirements in the respective jurisdictions.
To date, CIMA has entered into 55 bilateral agreements and six multilateral agreements with regulatory authorities, such as the International Association of Insurance Supervisors and US banking regulators.
Cindy Scotland, CIMA MD, said the agreement is another significant milestone for the authority.
She added: “I am confident that this agreement will strengthen the relationship between the NAIC and the Authority.”
“It will also provide stronger capabilities for each organisation to achieve our common goals of economic stability and consumer protection.”
