Archive for May, 2010

CIMA helps shape guidelines for world’s captives

Cayman News | 25/05/2010 | 0 Comments

(CNS): Cayman’s financial services regulator Cayman Islands Monetary Authority (CIMA) recently contributed to the creation of a new set of best practice guidelines for the captive insurance industry worldwide. Captive Best Practices Guidelines Volume 2-Utilizing Service Providers, was recently released by the Captive Insurance Companies Association (CICA), a multi-jurisdictional grouping of owners, administrators and managers of captive insurance companies or risk retention groups, and their service providers. The volume outlines what captive owners and regulators should expect from captive managers, actuaries, consultants, auditors, and attorneys.

It covers principles that service providers should follow during the prefeasibility, feasibility and formation stages of a captive, as well as during the company’s life and when the company is being closed. It also gives guidance on how owners should measure service providers’ performance.

“We volunteered to be part of the development of the guidelines because we agreed with CICA that the initiative was important in the process of continuous improvement for the captive industry globally,” said CIMA’s managing director Cindy Scotland. “I believe that if captives take responsibility for putting the principles into practice it lifts the standard of the entire industry and makes regulators’ jobs easier.”

The guidelines were developed through advisory groups representing owners, regulators, and service providers. CIMA, was represented by Gordon Rowell one of eight jurisdictional supervisory bodies in the group regulators from Bermuda, Guernsey, and the US states of District of Columbia, Kentucky, Montana, South Carolina, and Vermont.

Although regulators are not members of the association, CICA draws on their input and perspectives in carrying out its work. Rowell said this set of guidelines was the result of a careful consultative process:

“The starting point was the captive owner and regulator groups recommending best practices and then the service provider groups considering these and giving their responses and input, leading to amendments and refinements. There were several rounds of this before the document was finalised,” he explained.

This is the second time in recent years that CIMA has contributed to CICA’s development of principles for its members and other captive industry participants. Scotland, was part of the regulator group for the initial volume, Captive Best Practice Guidelines, which was completed in 2008. That volume compiled best practice principles applicable to the business situations of a variety of captives. Scotland said CIMA fully supported both best practice guidelines.

CICA describes itself as the only domicile-neutral captive insurance association, without jurisdictional or commercial ties and not linked with a domicile or government entity. CICA is headquartered in Minneapolis, Minnesota, and its members are domiciled throughout the world, with the highest number in Vermont, Hawaii, Bermuda, the Cayman Islands and the British Virgin Islands. It provides education, networking and leadership for captive and risk retention group professionals.Both Captive Best Practices Guidelines volumes are available through the association’s website: http://www.cicaworld.com.

Scuba, marine science and media lead to JCA grants

Cayman News | 25/05/2010 | 0 Comments

(CNS): Three schools shared in the $12,000 prize at this year’s Joanna Clarke Excellence in Education Award on Saturday (22 May). Cayman Prep and High School, George Town Primary School and John Gray High School walked away with grants of $4000for their various educational initiatives at the awards diner hosted by the dms organization. Cayman Prep and High won for its marine science programme, George Town for its Digital Visual Media Club and John Grey won for its SCUBA club. The other finalists recognized at the ceremony and their proposed initiatives included Bodden Town Primary School – Beyond School and The Wellness Centre – Autism in the Classroom.

Cayman Prep and High School recently introduced a marine science programme as an A-level two-year course of sufficiently high standard which can be used for advanced credit at North American universities. The funds will aid in furthering efforts to offer students a host of off-site excursions, providing invaluable hands-on experience for students. The schools head of Science, Jason Nehra said the school would work hard to ensure that the award is used to maximize its positive impact.

Offering students insight to the world of media, George Town Primary School introduced a Digital VisualMedia Club which equips students with necessary skills to integrate literacy with media. The grant will assist in continuing to teach students proficiency in various digital, visual, broadcasting and photojournalism applications, as well as the opportunity to explore careers in the relevant industry.

John Gray High School, also a JCA winner in 2008, entices students with its John Gray High School Scuba Diving Club. The club seeks to heighten awareness for environmental and marine conservation, and the funds will contribute towards purchasing equipment to make diving more accessible to students after they have completed their open-water dive course.

dms also announced the first recipient for the scholarship fund, Krishan Welcome the firm said it will make an annual award of at least $1,000 KYD to Caymanians or those with permanent residency who are currently in the education field or aspiring to enter. An established lawyer in the Cayman Islands, hopes to redirect her energy from a career in law and pursue a teaching degree to one day explore her passion to influence young minds. Welcome was awarded $2,500 KYD as well as being chosen to continue as the 2011 scholarship recipient.

Thirteen applications were made this year for the JCAs and the committee narrowed the pool of adown to five finalists whom they then invited to give an oral presentation outlining their project and demonstrating how their proposed projects satisfied the criteria.

JCA Member Krista Pell said the point of the award is to ensure the energies of young people are directed towards positive activities. Pell thanked all of the applicants and everyone who came out to show their support and said the number of applications was increasing each year.

“The award started with a belief that our children, who represent our future, are a worthy investment in the well being of our community. dms believes in the importance of corporate social responsibility, and this award is part of our ongoing commitment to recognize deserving initiatives that focus on our youth and provides them the support to succeed,” President of dms Don Seymour said.

Police take anti-gun message behind bars

Cayman News | 25/05/2010 | 4 Comments

(CNS): Many of the current inmates in the country’s prison know only too well the dire consequences of firearms, and the police hope they can influence the prisoners to send a message to their family and friends on the outside to give up illegal weapons during the current amnesty. Over one hundred posters advertising the RCIPS gun amnesty have been placed in prominent areas within HMP Northward as the campaign goes ‘behind bars’. The posters ask people to consider “What’s your ten year plan?” – ten years being the sentence imposed for possession of illegal or unlicensed firearms. (Left Police Commissioner launches amnesty. Photo by Dennie Warren Jr)

Chief Inspector Martin Bodden Jr, the RCIPS Area Commander for Bodden Town, has been working closely with the Director of Northward, Dwight Scott, on the initiative.

“The amnesty is all about stopping guns getting into the wrong hands, cutting gun crime on the islands and making our communities safer,” said CI Bodden. “That’s why we will use every means available to us to persuade people to give up the guns. The young men in Northward know only too well the cost of gun crime. The truth is if you choose gun crime as your route in life, you, your family, and innocent bystanders may end up dead or injured. You will live in hiding from your rivals and you will, most probably, end up serving time in prison.”

The senior officer said he hoped the placement of posters in the prison and in public visiting areas would encourage people to think about the devastation guns cause.

“If that persuades anyone – whether that’s a prisoner or a visitor – to get their friends and family members to hand in unlicensed, unwanted, or illegal guns and ammunition, then that’s a success,” he added.

Scott said he was delighted to back the initiative. “HM Cayman Islands Prison Service strongly supports the gun amnesty campaign,” he said. “We will continue to actively encourage prisoners to participate in the effort to rid guns off of the streets, in order to create a safer and better environment for all.”

Police have said that the gun amnesty, which began on 10 May, is not a blanket amnesty. Weapons handed in will be tested to ascertain if they have been involved in a crime. The amnesty covers possession and disposal – it does not provide immunity from prosecution from being involved in violent crime.

The amnesty will continue until 10 June. Until that date guns, ammunition and other weapons can be taken to George Town, West Bay, and Bodden Town and Cayman Brac police stations and deposited in strong boxes at those locations, which operate between 7.00am and 7.00pm daily.

Since the amnesty began there have been several weapons handed in. These include guns, ammunition, detonators and a bow with arrows.

Pension break take-up slow

Cayman News | 25/05/2010 | 25 Comments

(CNS): According to some of Cayman’s leading pension providers, less than 1% of their members have taken up the opportunity offered by government to take a holiday from the compulsory pension payment of 10% of earnings, made up of a joint contribution between employers and employees. Brian Williams, CEO of Saxon Administration, the agent for Silver Thatch, said the take-up is not as much as the industry was expecting and he believes employees recognise the advantage of gaining the 5% match from their employers and are reluctant to give it up. Although the temporary amendment to the law is relatively recent, Williams said he did not expect there to be any considerable increase over the coming weeks.

“We don’t really expect to see any great demand for the holiday now,” he said. “It seems our clients recognise that pensions are a long term commitment and that in the long run it is in their best interests to continue paying into the fund. Also employees see that they will lose the contribution from their employer if they opt to take the break and most see how that is not worthwhile.”

Williams said that Silver Thatch worked hard on communicating with its members and believed that the flow of information had helped. He said the young people involved in the recent investment competition run by Saxon had also done a great job carrying the message home to family friends about the importance of long term investments and pensions for the future.

A spokesperson for Fidelity also said they had seen very few people opt out of its scheme and said figures were around 1% of their members. “It is still early and we may see a few more but we really don’t expect to see a major take up after all,” Fidelity said.

While Silver Thatch and Fidelity members tend to be employed by larger firms and professionals, the Chamber of Commerce Pension scheme has a wider membership among the lower paid sector and work permit holders. As a result, Robert Schultz the Customer Relationship Manager of the Chamber Pension Plan, says he expects the current low take-up to increase over the next few weeks but was surprised that it wasn’t more widely utilised.

“As it stands, about 2 percent of our active members have participated,” he said. “I expected more due to the demographic that I saw being effected most.”

Schultz explained that work permit holders from the Jamaican and Filipino communities tend to remit money and so he was anticipating a significant amount would be opting out and having a more marked impact on the plan. “Hopefully they are being properly educated by employers that if they participate then they give up the 5 percent match.”

At present only 112 people of the more than 6,250 active participants have taken up the holiday, but Schultz said more applications had come in so the figure would go up a little more.

CNS also contacted the Pensions Office last week but it said it could not reveal any of the statistics to the press without following the protocol of contacting the ministry for permission first, and as yet no information has been forthcoming.

However, a significant number of business owners told CNS that very few employees have chosen to take the holiday. A member of the Pension Board also said it was an unwise move for people to take up the suspension as it would have a much greater negative impact down the line, far outweighing any immediate cash gain in the short term. “Losing the five percent match is a significant disincentive for many people and its good to see most employees are smart enough not to take up thesuspension,” a member said.

There were, however, concerns from the board and in the wider community that one or two unscrupulous employers were cajoling members to opt out of their pension plans against their will.

Brian Williams said he had also heard this was happening but he said employees should not be coerced or threatened into taking up the holiday. He advised employers to talk with their staff properly and not force them to take the break.

“It seems there is some talk of coercion and we urge employers to have constructive conversations with their employees regarding the pension holiday and if businesses are struggling it may be better to reduce the contribution instead of stopping altogether,” he added. Williams suggested reducing contributions to 6% from 10% with each party paying 3% instead of five. He explained this will improve cash flow a little for both employer and employees without causing as much damage to their long term investment.

Amendments to the pension law were passed in the Legislative Assembly in February and came into effect at the end of April. The changes allow employers who are up to date with their compulsory contributions and who get the agreement of their employees to take a break from their legal obligations to pay into pension schemes for at least one year.

Rolston Anglin, the minister with responsibility for employment who brought the amendment bill, said the goal was to reduce the burden on employers as a result of an increase in work permit fees and to give employees who are also feeling the economic pinch access to the 5% contribution they are asked to make under the law.

Government also hopes it will give the numerous delinquent employers time to catch up on the significant outstanding payments. He said, however, that employees should not be forced to opt out and only employers in compliance with the law would be allowed to stop making contributions.

The holiday period is for 12 months for Caymanian workers and 24 months for those holding a work permit.

“This measure is to try and put people in a position to have more money in their pockets and should result in a general easing of pressure,” the minister stated. With no direct taxation in the Cayman Islands, Anglin pointed out that government did not have many tools to manipulate the economic pressure on its people in the same way other governments did and this offered a way to give the people a small economic break.

“Given the economic hardship at the moment, people have been askingfor some form of relief,” Anglin told the LA. “We don’t have an income tax that we can use to manipulate the economy … we needed to find a mechanism by which we could help and we will see if a change in this law will have the desired effect.”

Anglin said the suspension would be reviewed after the first twelve months.

Board games night brings families together

Cayman News | 25/05/2010 | 0 Comments

(CNS): Despite the lure of the more sophisticated computer and electronic games nineteen families still took part in a more traditional games night recently as part of Child month. Hosted by Hobbies and Books kids of all ages got done to some classic board games from dominos to snakes and ladders. Planned by the Child Month Committee and the Department of Children and Family Services (DCFS Chairperson Cassandra Parchment said the night was “a tremendous success,” with more families turning out than anticipated.

She added that the evening helped to fulfil one of the key objectives of this year’s Child Month observance which is Loving Our Children through Today’s Challenges.

“The evening therefore was designed as a time for family togetherness, as spending time with our children is a great way to love them through the challenges,” Parchment said. During the games parents became as engrossed as their sitting on the floor rolling dice.

Karina McDermot, who brought her three children, said it was a chance for the kids to have fun, learn, and share quality time with parents and their siblings. “It was really fun for the kids; they should have it more often,” she added.

Her views were shared by her 11-year-old son, Andreas: “It’s really been great; we got to learn some new games,” and nine-year-old Rochee Williams who came with his cousin.

“It was great fun; we were here last year and we will be back next year.”

Hobbies and Books owner Mary Adam was pleased with the evening’s success.

"The theme of Child Month is very relevant right now, as no matter what the challenges, we must love our children and spend time with them. We were happy that we could be a part of this event for another year,” she said.

Kingston violence escalates

Cayman News | 25/05/2010 | 29 Comments

(CNS): Police officers and soldiers were killed and injured as the civil unrest in Jamaica continued on Monday and security forces engaged in fire-fights with gunmen in Kingston. According to the Jamaican press, civilians, including at least one woman, have also been shot as the violence escalates and spreads to other parts of the city, including the old capital of Spanish Town in St Catherine. The Jamaica Observer reports that soldiers had launched on offensive in Tivoli Gardens, Christopher ‘Dudus’ Coke’s home ground and the power base of Prime Minister Bruce Golding’s West Kingston constituency.

At least one Jamaica Defence Force soldier has now been shot and killed, along with two police officers, while attempting to storm the Tivoli community during the current state of emergency. This morning Prime Minister Bruce Golding vowed "strong and decisive action" to restore order.

The latest victim is one of four soldiers rushed to hospital after they were shot by gunmen in the community where police said a total of seven members of the security forces have been injured.

According to one of the soldiers — who was hit in his right arm and leg — one of his colleagues is now battling for life, while another is in stable condition, the Jamaica Observer reports. Gunmen have taken up cover in several buildings inside the area, and are firing at the security forces from all angles.

Since yesterday, at least two police officers and a soldier have been killed, while seven police officers and four soldiers have been injured. Several civilian casualties have also been reported, and since the security forces converged on the area early this afternoon there has been continuous gunfire and loud explosions. Police also engaged in a gun-battle with gunmen in the Woodford Park community in St Andrew.

Police say those aligned to Coke have amassed in Tivoli Gardens and have vowed to die fighting to defend him.

The violence erupted last week following the decision by Jamaican PM Bruce Golding to instruct the country’s attorney general to sign extradition papers for Coke, who is wanted in the US on drugs and guns charges.

Coke who remains at large has strong ties to the ruling Labour Party, and while the US sees him as one of the world’s most dangerous criminals, residentsof Tivoli Gardens, the poor Kingston community where his gang has strong support, he is a benefactor who provides food, education and jobs.

Salary cuts will hit low paid

Cayman News | 24/05/2010 | 112 Comments

(CNS): Although the recently revealed 3.2% pay cut, or roll back of the 2007 cost of living allowance (COLA) for civil servants, was less severe than public sector workers may have anticipated, sources within the service have raised concerns about how this decision will impact the lowest paid workers. It has been proposed that this pay reduction will be across the board, including those earning under $3000, affecting the lower pay grades and key workers such fire-fighters (left) and care-givers. Former MLA for Bodden Town Osbourne Bodden has also spoken out against the move, saying it will widen the gap between the ‘haves’ and the ‘have nots’ creating insurmountable problems.

According to the latest CICSA statistics, around 40% of the core civil service earns less than $3,000 pcm and 60% less than $4,000, and it is those workers that are likely to suffer the most as a result of the cut-backs. Those at the bottom of the pile are likely to be disproportionately hit by the 3.2% cut.

Numerous frontline civil service posts, such as some teachers, fire-fighters, prison officers, care-givers, refuge workers, post office staff, social workers and many more fall into salary bands that pay less than $3,000 per month – workers who will undoubtedly feel the pinch when the 3.2% pay cut kicks in this July as anticipated.

Although the Cayman Islands Civil Service Association (CISCA) had made a number of other suggestions regarding pay cuts that they say would have had a less dramatic impact on low paid workers, a decision to roll back the 3.2% COLA from 2007 across the board was made by the Deputy Governor’s Office earlier this month. Coupled with cuts to acting allowances and travel costs, the Portfolio of the Civil Service expects to meet the government’s request ofan 8% reduction in the public sector’s human resource costs.

In a letter to the press, the former PPM back bencher Osbourne Bodden said cuts to low paid workers with families, mortgages and vehicle loans would be really hard to bear in these tough times.

“Although no one really likes a pay cut, persons earning more than $4,000 and right up to the top pay scales could adjust and cope better and in some cases it would make no difference,” Bodden wrote, asking why the cuts were not staggered to remove low paid workers and increase in percentage for those at the top, as had been first suggested by the premier.

“I remember the premier coming out and saying that this staggered method was one he preferred,” he added. “Why did he back away from this position that had my support and I’m sure many others? This strategy could easily have netted the same dollar result and would have been less painful to the people who needed it most.”

Bodden noted that a civil servant earning $2,000 pcm will lose over $60. “A significant amount to lose if your salary is only $2,000, probably two weeks petrol for your car or half of the grocery bill for the week,” he added, explaining that, on the other hand, someone earning $10,000 a month will lose $300, which, although not insignificant, was less likely to produce the same hardship.

Bodden said he considered the decision a backward step in the goal to fix the budget, which is suppose to help the very people that will now suffer.

“I know this is done deal and my view won’t change that, but I do not believe this action will benefit the majority, but was a decision as usual taken with the interest of the decision makers themselves in mind,” Bodden wrote. “Decisions such as this only serve to widen the gap between the “haves” and the “have nots” but they erode our middle class to the point where social issues create insurmountable problems in our country.”

Bodden is not alone in his view as the CICSA has said that it was hoping for more flexibility in the cuts and that the low-paid workers would be left out so as to help spread the burden across the public sector’s highest earners.

In his recent president’s report, James Watler said the CICSA would not agree to measures that were detrimental to the membership and raised concerns that sacrifices were being asked of members prior to other cost reduction methods being exhaustively pursued.

CICSA also continues to warn the community that major cuts in the civil service will have a considerable impact on the private sector, even though that is where many of the loudest calls for CS cuts are coming from. However, some private sector members are aware of the impact salary cuts and job loses will have as a number of local businesses depend heavily on civil service customers.

CAL adjusts flight times in face of Kingston violence

Cayman News | 24/05/2010 | 0 Comments

(CNS): Due to the current civil unrest in Kingston, Jamaica, Cayman Airways has now confirmed that it will be making adjustments to its flight service to and from Jamaica. CAL said that Flight 600 on Tuesday, May 25, will depart Grand Cayman to Kingston as normal. However, Flight 601 from Kingston will stop in Montego Bay to accommodate those passengers who may not be able to make it to Kingston. On Thursday, Friday and Sunday (May 27, 28 and 30) Flight 606 will depart Grand Cayman to Kingston early at 4:30pm and Flight 607 will leave Kingston at 6:15pm, two and a half hours earlier than originally scheduled.

CAL said it would also be waiving any change fees for travel to and from Jamaica through the end of May.

Air Jamaica has cancelled flights as a result of the violence in the country’s capital. According to advisories on the airline’s website, flights from Kingston scheduled to depart this evening for Fort Lauderdale and New York have been cancelled. The flight from Fort Lauderdale to Jamaica has also been cancelled. Passengers are being advised to contact the airline for further details. Air Jamaica said operations continue as scheduled at the Sangster International Airport in Montego Bay.

The airline said passengers booked to and from Kingston who are affected by the cancellations may be re-accommodated at no additional cost within three days of their original date of travel. Passengers who are able to make their way to Montego Bay may be accommodated without additional collections or fees.

St Matthews gives office space to Cayman Heart Fund

Cayman News | 24/05/2010 | 0 Comments

(CNS): To help the Cayman Heart Fund in its fight against heart disease and one of its main causes, obesity, St Matthews University recently made office space available within its campus for the Fund’s first paid employee, the aptly named Thinn Aung, to operate. Aung, who is a trained counsellor, is very active in the fight against childhood obesity and overweight children, along with other members of the Health4Youth programme. In a release, CHF said the non-profit organisation was grateful to the university and its Dean of Basic Sciences, Dr. Senthil Kumar, who is one of the Fund’s board members, for the offer of space for an office.

The Cayman Heart Fund has grown rapidly and has many community projects which require a place for organisation and implementation of its programmes such as the War on Weight, free community screenings, its annual Heart Health Fair, Ken Chand Run, Obesity Task Force participation and in the Health4Youth project, as well as fund raising.

St Matthews University students and faculty have developed a strong relationship with the Cayman Heart Fundin the past few years, having worked closely with the Fund at its annual Heart Health Fair and symposiums.

Dr. Kumar, who is also an Associate Professor of Pharmacology & Clinical Therapeutics at St. Matthew’s University, said the students at St Matthews cherish their relationship with the Cayman Heart Fund and that he is delighted that the University is able to assist in this way. “The childhood obesity programme, which was implemented at the George Hicks campus earlier this year, has a made a significant impact on Cayman society and we are glad to make this minor contribution by offering the Cayman Heart Fund a physical space from which to work,” he said.

Suzy Soto, Chairman of Cayman Heart Fund is extremely pleased with the continuing partnership with St Matthews. “Having Dr Kumar on board at the Cayman Heart Fund has been a huge bonus to us because we have been able to make the connection with the St Matthews students, who have been of great use to the Fund, volunteering their time, which has been invaluable to us. We are extremely thankful to St Matthews for the donation of office space which will aid us tremendously in our fight against obesity in Cayman’s youth. Ultimately everyone will benefit from such a kind gesture,” she said.

Photo top: Dr. R. Senthil Kumar, St Matthews; Suzy Soto, Cayman Heart Fund; and Thinn Aung, Cayman Heart Fund.

Traditional cake making going down a treat

Cayman News | 24/05/2010 | 0 Comments

(CNS): From making custard-top cornbread to cassava cake the Museum’s traditional arts programme is attracting so many participants that there is a waiting list despite added classes. The Exchange is organized by Museum Education Officer Nasaria Chollette, (right) and passes down traditional arts skills preserving important aspects of Cayman’s cultural heritage. The programme commenced in April with a series of cooking classes, but will eventually branch out into other areas such as embroidery and wood carving. At this week’s Look Ya! Ann-Marie Bush pictured left won the title for best custard-top cornbread in the latest class.

"In my youth the furthest thing from my mind was learning how to bake Caymanian traditional cakes or ‘heavy cakes’ as we know them,” said participant Alta Bodden-Solomon, NCVO youth & community worker, personal assistant to the NCVO’s CEO, and wife of artist Gordon Solomon.

“Now a wife and mother of two, I have a desperate need to connect to all things Caymanian and past, including my own. I felt that this class was a must for me and, along with my husband Gordon, who hadn’t baked anything (except fish before) I feel a sense of fulfillment. I guess you could say that, as our first custard-top corn bread ‘baked up’, so did my pride in myself, my family and my Caymanian people.”

Nasari Chollette said the classes have been full to overflowing, so much so that she has a waiting list for classes and she was also considering requests for children’s classes. She said more cooking and baking classes will be advertised soon. “We encourage all to check our Facebook page so they can keep up with the class offerings. We anticipate next featuring Biscuit Cake, Duff and Johnny Cake.”

Chollette is also inviting people to serve as hosts of the home-based events. Anyone wishing to host a series of three classes, one per month for three months, should contact her as soon as possible.

Hosting the sessions in homes is an important ingredient, said participant Sushella Annon, as it creates that extra warmth: “The whole experience was a great one! The ‘classroom’ environment was very welcoming and I totally enjoyed myself. The final product was waybetter than I thought, and everyone who sampled it was asking for more!”

Anyone interested in being listed for classes and receiving information may email Chollette at nasariachollette@museum.ky and anyone wishing to host a series of three classes, one per month for three months, should contact her as soon as possible.

Archive for May, 2010

CIMA helps shape guidelines for world’s captives

Scuba, marine science and media lead to JCA grants

Police take anti-gun message behind bars

Pension break take-up slow

Board games night brings families together

Kingston violence escalates

Salary cuts will hit low paid

CAL adjusts flight times in face of Kingston violence

St Matthews gives office space to Cayman Heart Fund

Traditional cake making going down a treat

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