The Cayman Islands Monetary Authority has named the individuals who will head its Insurance, and Investments and Securities divisions within the next few months.
The board of directors at its 26 July meeting approved the appointment of the Deputy Head of Insurance, Mrs. Morag Nicol, to take over the post of head of insurance as of 1 January, 2007.
The board also approved the appointment of Chief Analyst Mrs. Yolanda McCoy to the post of head of Investments and Securities, effective 1 November 2006. The appointments have been supported by both CIMA management and by members of industry.
Mrs. Nicol will succeed Ms Mary-Lou Gallegos, whose impending retirement was announced recently, while Mrs. McCoy will succeed Mr. Gary Linford, who will complete his contract on 31 October.
Completing the leadership team in the Investments and Securities Division will be Chief Analyst Ms Heather Smith, who will assume the post of deputy head on 1 November.
The authority will shortly recruit to fill the post of deputy head of Insurance.
CIMA’s Managing Director Mrs. Cindy Scotland welcomed the appointments.
‘These are all highly skilled individuals who have added, and I have no doubt will continue to add, much value to the authority,’ she said. ‘Their appointments have set the stage for a smooth transition, continued effective regulation and the ongoing strengthening of relationships with our partners in these two vital sectors of the financial industry.’
Head of Insurance Ms Gallegos retires in January after 32 years in the Cayman public sector. She has been with the authority since its inception and at the helm of the Insurance Division for four years. She will hand over to Mrs. Nicol the oversight of Cayman’s captive insurance companies, which totalled 737 at 30 June, making this jurisdiction the second largest captive domicile worldwide. Mrs. Nicol will also have oversight of 28 domestic insurers and 117 entities licensed as insurance managers, agents and brokers.
Mrs. Nicol joined the Insurance Division as a senior analyst in 1998, bringing 10 years experience in the UK and the Cayman Islands insurance industries. She holds the designations of Chartered Insurer, Associate of the Chartered Insurance Institute and Certified Fraud Examiner, as well as a BSc in mathematics and statistics. Just prior to joining the Authority she was internal auditor for Royal & SunAlliance, U.K., and was instrumental in securing the international service quality standard ISO9002 for the company’s UK claims operation.
Her private sector work in the development of business risk profiling mechanisms prior to joining CIMA has proven valuable in the development and implementation of the Authority’s on-site inspection programme. Since becoming the deputy head of insurance in 2002, Mrs. Nicol has worked closely with industry and has represented the authority locally and overseas. Among recent assignments, she was a member of the Insurance Law Review Working Group that submitted its report with recommendations to the Government in June.
The Chairman of the Insurance Managers Association of Cayman Mr. Seamus Tivnan said the association was thrilled at the appointment of Ms. Nicol.
‘We have enjoyed working with Ms Nicol over the last few years and congratulate her on this promotion. She has our full support in this role. We know that our clients – the captive insurance companies and the other service providers to this industry also welcome this appointment. We have every confidence in Ms Nicol and her team continuing the excellent work that has firmly established Cayman’s insurance regulatory environment as a world leader.’
Mr. Tivnan also reflected on Ms Gallegos’ contribution.
‘IMAC have thoroughly enjoyed their working relationship with Ms Gallegos who has steered Cayman’s captive insurance industry to become a leading captive domicile,’ he said. ‘We will very much miss her direction and her wonderful sense of humour. We all wish her the most wonderful and rewarding retirement. Thanks to the extremely generous donation from local entrepreneur, Mr. Ian Kilpatrick, her contribution has been memorialized in the recently awarded $100,000 Educational Scholarship.’
Investments and Securities
Mr. Gary Linford will hand over to Mrs Yolanda McCoy the management of a division that at 30 June was responsible for the supervision of 7,845 Cayman-regulated funds; 1,209 SIBL Excluded Persons, 25 licensed securities investment entities and 147 mutual fund administrators. Mr. Linford joined the authority as the head of Investments and Securities in 2004, with a mandate that included the identification and development of potential successors.
Mrs. McCoy joined the authority as a senior analyst in 2001, having previously worked in the Government’s Financial Services Supervision Division from 1995 to 1999. She became a chief analyst in the ISD in 2005 and holds an MBA, with distinction, in banking and finance and a BSc in international business.
“I am delighted to hear of Yolanda’s appointment,’ said Mourant du Feu & Jeune partner Ms Roisin Cater, who heads of the international law firm’s investment funds practice in Cayman.
‘I have dealt with her for many years and feel confident that she will be an ideal candidate to continue Gary’s excellent work. With a strong deputy to support her as well, I am sure CIMA will continue to go from strength to strength at the regulatory helm of the phenomenally successful Cayman funds industry.”
Deputy Head Designate Ms Heather Smith, joined the division in 1997 and became a chief analyst in 2001. She holds a BSc in business economics and is in the final stages of a certificate in securities from the UK Securities Institute.
In their current posts, both Mrs. McCoy and Ms Smith have coordinated and led on-site inspections and have represented the division and CIMA at high-level international forums and industry/regulator meetings. They have also had extensive professional and management training and have assisted Mr. Linford in the planning and direction of the electronic-reporting initiative currently in development.
Ms Smith was part of the Mutual Funds Working Group that reviewed the mutual funds legislation. Mrs. McCoy conducted training in conjunction with the Offshore Group of Collective Investment Scheme Supervisors annual meeting in Anguilla this year and was Cayman’s delegate, along with CIMA’s General Counsel Mr. Langston Sibblies, at the IMF Roundtable for Offshore Supervisors and Standard Setters last November.