Hew: Liability insurance has never been required for business license

Earlier this week the Cayman Compass published an editorial (“Insuring the future of our water sports,” Oct. 8) which voiced concerns related to the regulation of the water-sports industry.

The safety of our visitors and residents on the seas is something we all must be concerned with. At the same time, the editorial makes some generalizations about the role and function of the Department of Commerce and Investment in regulating local industry.

Liability insurance has never been a requirement to obtain a licence under the Trade and Business Licensing Law.

The Trade and Business Licensing Board is tasked with issuing licenses to business owners who meet the requirement[s] of the Trade and Business Licensing Law. The board and the department cannot however replace the standards that would normally be established by the industry-specific association or regulators.

My Ministry and the Department of Commerce and Investment have worked hard to cut back on regulations that hold back the progress and growth of small business owners. We are proud of our and the wider Government’s efforts to cut red tape, and better serve the people of the Cayman Islands.

We are committed to working with all stakeholders to grow local industry in a way that provides the best service possible to our people and visitors.

Hon. Joseph Hew
Minister for Commerce, Planning and Infrastructure