New deputy managing director appointed
At its meeting on 7 June, the Cayman Islands Monetary Authority Board recognised a full compliment of directors and approved several significant internal and external measures.
The Board welcomed Managing Director Cindy Scotland, back from maternity leave, the appointment of new directors, Dr. Christopher Rose and Professor William Gilmore, and the reappointment of Dr. Warren Coats for three-year terms. At the same time, the Board recorded its appreciation to Sir Alan Traill for his services during his tenure, which ended in March, said a CIMA press release.
Patrick Bodden was appointed as Deputy Managing Director, effective 5 June. Mr. Bodden served as the Authority’s Acting Managing Director for the past five months in Mrs. Scotland’s absence.
The Board approved two statements of guidance and a rule covering the insurance and other sectors.
The draft SOG on Market Conduct for Class A Insurers and Agents was approved to be sent to the Cabinet for final approval. The SOG aims to enhance the conduct of insurers and their agents. It requires insurers and agents to act with integrity, care, skill and diligence in their business activities; to pay due regard to the information needs of their customers, and to have a published complaints procedure, the release said.
Two measures were approved for private sector consultation: an amended SOG on capital adequacy for Class B insurers and a draft rule on internal controls for all licensees. The SOG on capital adequacy provides guidance to ‘captive’ insurers on the factors they should take into account when determining their capital. The SOG clarifies and enhances guidance originally issued in 2001. The draft rule on internal controls requires all licensees to establish and maintain internal control according to the size and nature of their business. The rule will complement existing and draft SOGs. (All three measures can be viewed on CIMA’s website at www.cimoney.co.ky in the Regulatory Framework section under Policy and Development /Consultation.)
The Board also received the report of the Insurance Law Review Working Group. The report will now be discussed with the Financial Secretary and a way forward agreed.
Long-term secure accommodation for the Monetary Authority was considered in detail. Jim Scott, project manager for the Government Office Accommodation Project, gave directors details of phase one of the project, the financial services building on Elgin Avenue. The facility, being planned to environmental conservation, category five hurricane resistance and secure currency standards, is slated to house the Monetary Authority and other government agencies on completion in 2009.
Given the importance of business continuity, members toured CIMA’s Disaster Recovery Centre at Citrus Grove in George Town. The space is fully equipped to provide full back up of the Authority’s data and other systems. CIMA has also installed telecommunication and full facilities for staff to enable the immediate continuation of operations if the Authority’s Elizabethan Square facilities cannot be used. (See separate story.)
Board members and staff also officially opened the Office of the Chairman in Elizabethan Square, Block C. The office provides support and meeting facilities for the Chairman and directors as well as additional space for staff/licensee meetings, the release said.