Cayman First has appointed Abraham Thoppil to the company’s board of directors after the Health Insurance Commission imposed a number of conditions on the health insurer.
Thoppil will serve as the chair of the corporate governance committee and as a member of the audit committee.
Last month, the commission reported it had investigated a complaint against the insurer that legitimate claims had not been paid.
During the investigation, the commission identified that Cayman First was understaffed, which impacted the servicing of clients and the ability of registered health-care providers to file claims directly and receive timely payment.
Although the insurer had made efforts to rectify the issue, the commission said it has imposed several conditions on Cayman First to maintain its approved insurer certificate.
These include the filing of quarterly financial reports for 2022, a mitigation plan for system integration and to restore appropriate staffing levels, and monthly reports in relation to outstanding claims.
In addition, the commision required the insurer to provide a timeline to clear the identified claims payment and enrolment backlogs, as well as a policy to deal with complaints.
Cayman First, in response, issued a statement on 18 Jan. that the insurer remains in regular communication and good standing with the regulators, having met the conditions set by the Health Insurance Commission, and addressed the concerns around staffing and systems.
The company said it had made necessary updates to its underwriting software to resolve certain issues experienced after a system upgrade in September 2022.
Thoppil has more than 30 years’ experience as an attorney, certified management accountant and chartered engineer. He joins six other Cayman First directors on the board, which oversees the governance of the company in relation to its legal and regulatory requirements.
Cayman First chair, Alison Treco, said Thoppil’s diversified expertise and relevant experience will add valuable perspective to the board.
As Law Reform Commissioner, former member of the Cayman Islands Financial Services Legislative Committee, and past president of the Caymanian Bar Association, Thoppil has over the years been called upon to assist in the drafting of various Cayman Islands laws, including legislation related to insurance, intellectual property, financial services and local business licensing.
He also serves as an adjunct lecturer at the Truman Bodden Law School and has been a guest lecturer at the University College of the Cayman Islands.
He joined Maples and Calder in 1997, was elected partner in 2013, and practised in the Funds & Investment Management group until his retirement from Maples in 2022.
“Abraham’s extensive experience within the local business community, coupled with his knowledge of Cayman Islands law makes him an ideal person for this role,” said Roger Balkissoon, managing director at Cayman First, in a press release.
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