MOU signed with Washington

The Cayman Islands Monetary Authority has added the Office of the Insurance Commissioner in Washington State, US to the growing list of overseas regulators with whom it has formal information exchange agreements to facilitate cross border financial services supervision.

The agreement takes the form of a memorandum of understanding on the sharing of information between CIMA and the OIC, which regulates insurance business in and from Washington State. The OIC is the primary regulator of all insurance entities domiciled in that state.

The MOU came into effect 31 January. It outlines the scope and procedures for sharing both confidential and public information each regulator may need from the other jurisdiction in order to carry out its supervisory responsibilities.

CIMA and the OIC have an active working relationship and have cooperated on information sharing since 2005.

This MOU brings to 11 the number of agreements CIMA has with overseas regulatory authorities.

CIMA’s Managing Director, Cindy Scotland, said this latest MOU was another example of the Authority’s commitment to carrying out the obligation it has under the Monetary Authority Law to facilitate cooperation with its regulatory counterparts.

‘There are clearly-established gateways under Cayman Islands law to facilitate information disclosure, including confidential information, by Cayman authorities,’ she said. ‘Even outside of the MOUs, CIMA routinely provides assistance to overseas regulators in accordance with the law. However, the MOUs and other agreements that we have negotiated streamline and clarify the system for information sharing for regulatory purposes, further facilitating the process on both sides.’

She said CIMA is actively negotiating MOUs with other regulators and expects to announce an agreement with a major G7 regulator shortly.