Financial Secretary Mr. Kenneth Jefferson has taken umbrage at recent media coverage of an alleged report from the Cayman Islands Monetary Authority.
Mr. Jefferson said media coverage has inaccurately stated that the contents of a report to Cabinet from the Cayman Islands Monetary Authority on the insurance industry post-Ivan will not be made available for public consumption.
Cabinet has not taken any such decision, he said.
The Caymanian Compass is not included in the media being blamed.
In a statement released to all media Thursday afternoon he said that ‘no such report came to Cabinet at the time the media coverage was published.
‘The report referenced, which was actually an internal memorandum to the Financial Secretary from the Authority, was considered by Cabinet only on Tuesday.
‘While the memorandum did provide useful information about the insurance industry following the hurricane, Cabinet took the decision, in light of the many complaints stated by the public, that a more comprehensive review of the domestic insurance industry is needed to fully evaluate the situation and propose recommendations.
‘The Authority has indicated to Cabinet that the tight deadline imposed of 31 December, 2004 within which to investigate some of the issues, e.g. allegation of delays in settling claims; made it difficult for them to properly undertake such a complicated and extensive investigation.
‘Consequently, Cabinet has requested that the Authority commence its review of the domestic insurance industry as soon as possible. To that end, Cabinet and the Authority have immediately begun working together to agree on terms of reference to facilitate the review and a suitable timeframe for its completion. It is expected that the terms of reference will be completed by the end of this week.
‘The review will produce recommendations for Cabinet’s approval with regard to enhancing existing insurance legislation and regulation, and identifying and implementing better consumer protection measures, including the creation of appropriate outlets for arbitration and lodging of complaints.
‘We believe that in order to act in the public interest, Cabinet is first obliged to fully inform itself of the facts and complexities associated with the industry. Only then can we ensure that public and private sectors – in concert with the will of the people – are focused on finding real solutions.
‘Please be assured that the public’s right to know has always been and will continue to be honoured,’ the statement concludes.