CIMA hosts regional talking shop for insurance sector

(CNS): Delegates from the region’s insurance industry are converging on the Cayman Islands this week for a talking shop dealing with the sector’s regulation. Hosted by the Cayman Islands Monetary Authority (CIMA) the week-long event includes a training workshop, conference and meetings. The Caribbean Association of Insurance Regulators (CAIR) and the Caribbean Regional Technical Assistance Centre (CARTAC) will stage the CAIR/CARTAC Insurance Supervision Workshop which is geared towards insurance supervisors from regulatory agencies that are members of CAIR or from CARTAC member countries.

Training which started Monday will focus on actuarial skills in order to orient participants to the roles of actuaries in insurance and expose them to basic actuarial concepts and tools.

Following the workshop, CARTAC will sponsor the CAIR Conference on Thursday 16 June. It will take place under the theme: “Possibility to Probability: Exploring Regulatory Challenges in Risk Management”. A range of topics relevant to the supervision of insurance companies will be covered, including rating, solvency, capital, reinsurance issues, and Caribbean actuarial standards.

Speakers and presenters include CAIR Chairman, Leon Anderson; CARTAC Program Coordinator, Arnold McIntyre; President of the Caribbean Actuarial Association, Cathy Lyn; CIMA executives, as well as other high level industry professionals. The week will end on Friday with separate meetings of CAIR, regional regulators, and the Caribbean Actuarial Association Advisory Committee.

CAIR was established in 1994 to address the need to create regulation appropriate for the Caribbean insurance industry. CARTAC is a regional training resource established by the CARICOM Council of Ministers of Finance and Planning (COFAP) and based in Barbados. Since the start of its operations in 2001, it has been used by member countries for facilitating the development of skills in specialised industries, needed to meet the standards at both national and regional levels.

All events will be held at the Grand Cayman Marriott Beach Resort.