CIMA signs agreement with US association of insurance commissioners

Julie Mix McPeak, president of the National Association of Insurance Commissioners, left, and CIMA’s Managing Director Cindy Scotland signed an agreement between the two organizations.

The Cayman Islands Monetary Authority signed a memorandum of understanding with the National Association of Insurance Commissioners on Aug. 4.

The agreement aims to help insurance supervisors in the United States and the Cayman Islands coordinate on regulatory issues with the goal of efficient, fair, safe and stable insurance markets. It also encourages a formal framework to provide mutual assistance and exchange of information to assist in better understanding and coordinating compliance with applicable laws, regulations, rules and requirements in each jurisdiction.

The memorandum was signed during a meeting of the International Insurance Relations (G) Committee at the 2018 NAIC Summer National meeting held in Boston.

CIMA said it had established good working relationships over the years with various state regulators within the U.S. and other regulatory, standard-setting bodies outside of the Cayman Islands.

To date, CIMA has entered into 55 bilateral agreements and six multilateral agreements with regulatory authorities, including the International Association of Insurance Supervisors and U.S. banking regulators such as the Federal Reserve System Board of Governors, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Office of Thrift Supervision.

CIMA’s Managing Director Cindy Scotland said the signing of the agreement was another significant milestone in the authority’s ongoing collaboration with the regulators of the world’s largest insurance market.

“I am confident that this agreement will strengthen the relationship between the NAIC and the authority. It will also provide stronger capabilities for each organization to achieve our common goals of economic stability and consumer protection,” Ms. Scotland said.