Duties & Responsibilities - Legislative & Regulatory Committee

Legislative & Regulatory Committee

  • The L&R Committee will comprise representatives of IMAC’s full and associate members, will be chaired by a member of the Executive Committee of IMAC and will report to that Committee.

 

  • The L&R Committee will review all laws and regulatory measures and changes thereto that are submitted to IMAC as part of the private sector consultation process of the Cayman Islands Monetary Authority and will provide comments thereon to CIMA.  The Committee, in consultation with the Chair of IMAC, will determine whether such papers should be circulated more widely to the membership for consultation.  The Committee will review CIMA’s responses to private sector consultation on such papers and in due course the published laws, regulatory measures and amendments.

 

  • The L&R Committee will determine whether any laws and regulatory measures and changes thereto require guidance from IMAC for its full members and in such circumstances will recommend guidance notes to the Executive Committee for its approval before circulating to the membership.

 

  • The L&R Committee will work with the Education Committee of IMAC on educational matters for IMAC full members that relate to regulatory measures.

 

  • The L&R Committee will work with the Research and Development Committee of IMAC on any recommendations to be made to CIMA or government regarding changes to Cayman Islands laws and regulatory measures that would serve to enhance Cayman as an insurance and reinsurance jurisdiction.

 

  • The L&R Committee will assist the Executive Committee in strategic planning for IMAC and for Cayman as an insurance and reinsurance jurisdiction.

 

Updated 2016-10-28.

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