George Town, Grand Cayman, 24 October 2013
The Cayman Islands made an impact at the Risk Management Society (RIMS) conference in Victoria, British Columbia earlier this month. The Insurance Managers Association of Cayman (IMAC) was out in full force to put Cayman on the map and explore and develop Canadian business.
Discussions at the conference, which hosted approximately 1,000 delegates, covered topics including compliance issues, risk issues regarding cyber liability, changes to the Canadian regulatory environment and innovation in the insurance industry.
In 2011 the Cayman Islands signed a Tax Information Exchange Agreement (TIEA) with Canada, demonstrating Cayman’s commitment to adhering to international standards of tax transparency and international co-operation and opening the gateway to doing business with Canadian companies. The Cayman Islands now has 31 such TIEAs and has agreed to enter into a Model 1 intergovernmental agreement (IGA) with the United States with regards to the Foreign Account Tax Compliance Act (FATCA), making it a leader in terms of international regulatory compliance and transparency initiatives.
The latest figures show there are approximately 150 Canadian captive insurance companies. Cayman is home to around 5% (7), Bermuda 12% (17) and Barbados 65% (98). British Columbia, Canada's only province with captive legislation, has 14% (21).
IMAC Chairman, Rob Leadbetter was one of a team of insurance managers representing the domicile at the conference.
“The Cayman Islands is increasingly becoming an attractive destination for Canadian corporations, given our robust regulatory environment and legislative infrastructure that is based on English Common Law, which is familiar to Canadians, and the quality and strength of the service providers who serve the industry,” he said. “With the TIEA firmly in place, Cayman is ideally situated to benefit Canadian companies as this agreement gives Cayman an advantage over Barbados, with their double-tax treaty.”
A team of IMAC representatives will next be attending the ASHRM conference in Austin, Texas 27 – 30 October, 2013 which will feature a panel presentation entitled: “Captive Insurance and Healthcare - A Happy Marriage”.