Insurance corner

Recently, a local insurance organisation sponsored the health insurance seminar at the Marriott Hotel. Please explain the role insurance organisations play in the Cayman Islands.

D.K.A.

There are three such local insurance (trade) organisations, the Cayman Islands Insurance Association, the Life Underwriters Association of Cayman, and the Insurance Managers Association of Cayman.

The first is CIIA, which recently sponsored the health insurance seminar in October 2007.

As the trade organisation for domestic (Class A) insurers, brokers, loss adjusters, and affiliated firms, the business of CIIA is conducted mostly through its three standing committees for life, health and general insurance.

Its principal functions include conducting public educational activities, such as sponsoring insurance seminars, providing advice to governmental bodies on insurance legislation and regulation, and promoting professional development and ethical standards among industry members and their employees.

Additional information on CIIA may be found on the association’s website, www.CIIA.ky.

The second is LUAC, which is an association of insurance agents of the local life insurance companies. The primary functions of LUAC are to promote the professional development and ethical standards of its individual members, and to further public awareness of the benefits of life insurance.

LUAC is affiliated with the Caribbean Association of Insurance and Financial Advisors and is the only local organisation authorised to conduct classes and proctor examinations for the American College, leading to such professional designations as the CLU and LUTCF.

The association’s website is currently being developed.

The third is IMAC, which is the trade association for managers of captive (Class B) insurance companies. This organisation concentrates on ensuring compliance, by its membership, with the laws and regulations governing the operation of Cayman’s offshore insurance industry.

IMAC will be hosting the Cayman Captive Forum at the Ritz-Carlton Hotel later this month, and the organisation recently awarded a college scholarship to a deserving young Caymanian.

Do you have a question on insurance? Email us at: [email protected] Or write to us at Sagicor General, P.O. Box 2171, Grand Cayman, KY1- 1105

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