The Cayman Islands Investment Bureau has launched a new initiative to ensure that all clients understand how to comply with pension and health insurance laws.
‘Local business owners could innocently face trouble with the law just by misunderstanding the mandatory pension and health insurance requirements,’ said CIIB Executive Director Mr. Dax Basdeo. ‘That’s why we want to ensure that clients receive details on all of the laws that affect them as business owners.’
CIIB recently hosted representatives from the National Pensions Office and the Health Insurance Commission for half-day training sessions with CIIB business advisors on both laws, states a press release.
Superintendent of Pensions Cyril Theriault said, ‘It might be surprising for some entrepreneurs to learn that the penalties for noncompliance with the Pension Law are upwards of CI$10,000 on indictment. In some cases though, business owners intentionally break the law due to indifferences with the law, greed, or the belief that the law will not be enforced or lacks serious consequences.’
Mervyn Conolly, superintendent of health insurance and CEO of the Commission, added, ‘Ignorance is no excuse. If you are a business owner and you have employees, you should also be aware that you are responsible for your worker’s health insurance including workers who are employed on a temporary basis.’
Mr. Conolly said the commission spends a significant amount of its time dealing with complaints from the public about business owners that don’t comply with the health insurance law and regulations.
New and existing Investment Bureau clients can now pick up brochures and additional information on the Pension and Health Insurance Laws when meeting with a CIIB advisor.
Call the Investment Bureau on 945-0943 for more information or email [email protected]