01-May-2018
2018-05 May Newsletter
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Welcome to the May edition of IMAC news
This month...
- Statement on UK Sanctions and Money Laundering Bill
- Update from an IMAC Scholarship recipient
- Onshore or Offshore?
- Cayman Captive Forum 2018
- Upcoming events and activities
- Elsewhere in the news
Statement on UK Sanctions and Money Laundering Bill
"The Cayman Islands is a credible and transparent jurisdiction that has long had a verified register, maintained by regulated service providers, that is a far superior regime to what is being imposed by the UK's amendments to the Sanctions and Money Laundering Bill. Cayman's existing register is available to legitimate law enforcement and taxation authorities and the Cayman Islands Tax Authority has been commended by the US Department of Justice for its speedy and thorough responses to their requests.
The Cayman Islands has, for decades been working with international regulators to fight global problems such as tax evasion and corruption through the continual upgrading of our regulatory framework to abide by and in some cases exceed the global standards for regulation and transparency. Initiatives including automatic reporting of account holder transactions to tax authorities all around the world have proved very valuable.
We do wish to make it absolutely clear that Cayman demonstrates continued co-operation with international regulatory standards. It is our goal, as a jurisdiction, to conduct the highest quality business, by providing high quality services to high quality business. The laws and regulations that have been implemented are designed to ensure that this better business is drawn to the Cayman Islands.
Whilst we do not see this initiative having a direct impact on our international insurance industry, the Insurance Managers Association of Cayman is fully supportive of the position taken by the Cayman Islands Government and Cayman Finance on this issue."
- Erin Brosnihan, IMAC Chair
Update from an IMAC Scholarship recipient
We love hearing from our scholarship recipients, particularly when they are gaining experience at the most magical place on earth!
Our 2015 recipient Amy Thompson is completing her year-long International College Program, which involves working full-time at none other than Walt Disney World.
Read more to get the scoop on her journey so far...
Onshore or Offshore?
This month we tackled the onshore vs offshore debate.
What are the main differences? What does each have to offer to the captive insurance industry? And more importantly, can they coexist in harmony?
Cayman Captive Forum 2018
The Cayman Captive Forum, which attracted over 1,400 attendees at its 25th annual conference last year, will be held once again at The Ritz-Carlton, Grand Cayman from Tuesday 27th to Thursday 29th of November.
Plans are well underway for another successful forum, where captive directors, CFOs, risk managers, service providers and captive managers from around the world will converge again to discuss the issues most pressing to the captive insurance industry. This is the event to connect, learn and share insights and best practices. Speakers and panels are being finalised, exhibitor spaces are already fully booked and we have a few sponsorship opportunities remaining.
General registration will open on April 13th, with pre-registration for members only commencing from July 11th.
Upcoming events and activities
Thank you for your ongoing support as we proactively move forward to raise the profile of Cayman in the international insurance industry.
If you have any thoughts, comments or questions, please do not hesitate to get in touch.
