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Minister for Finance and Economic Development, Hon. Roy McTaggart

Published 5th December 2017, 8:58am

Remarks by Minister for Finance and Economic Development, Hon. Roy McTaggart
At the office opening of Aureum Re at 94 Solaris Avenue,
3rd Floor, Camana Bay on Monday, 4 December, 5-7pm

Ladies and Gentlemen, Good evening!

I am delighted to be here this evening to celebrate the opening of your office in the Cayman Islands. Indeed, I welcome your presence here and look forward to hearing good news of your success in the days, months and years ahead.

I bring greetings also from the Cayman Islands Government and my ministerial colleagues, who I am pleased to say are soundly on board in ensuring that you, and indeed all our financial service entities, find a thriving environment to grow and prosper in our jurisdiction.

I say unequivocally that we want YOU to succeed, for we know that when YOU are successful, Cayman is successful.

But we in the Cayman Islands like to go a bit further - in that we dialogue regularly with our industry partners; we listen to your ideas and suggestions. We are working to help sustain a favourable atmosphere for businesses to prosper and we are taking positive steps to minimise red-tape that is so often a disincentive to the private sector.

I understand that in the segment of the reinsurance market that you operate in, you currently reinsure some $2.75 billion of annuity reserves. This is very good to hear for it clearly demonstrates that you are a company of substance.

We are also happy that you have learnt, first hand, what a good place the Cayman Islands is to conduct business. So it is no news to you that we are a well-regulated jurisdiction, with a distinguished reputation and a consistently favourable credit rating. All qualities that we jealously guard and seek to preserve.

You are all no doubt aware that today the Caribbean Financial Action Task force commenced its assessment of the Cayman Islands for compliance with and implementation of the Anti-Money Laundering and Financing of Terrorism Regulations. This process will continue for the next 2 weeks. Many months and thousands of hours have been spent by government and the private sector in preparing for this assessment, a testament to the importance we place on this review. While we can take nothing for granted, we remain cautiously optimistic of a successful outcome.

However, as you will have experienced by now, in CIMA we have a robust but fair regulatory regime and authority in place that oversees our financial services industry.

CIMA is confident that the Cayman Islands' insurance sector will continue to grow. Indeed, at the end of September, the Cayman Islands insurance industry had gained 24 new licensees, for a total of 705 active licensees.

Some of this success goes to the changes to the Cayman insurance law, supporting regulations and the regulatory framework that Government and law-makers have put in place in the last few years. This in turn ensures that jurisdictionally, Cayman remains relevant and competitive globally in the reinsurance and captive insurance markets.

So, forgive me if I sound bullish, I am, and firmly of the view that the prognosis for the future is good.

Again, I welcome you to and thank you for choosing the Cayman Islands and our expanding reinsurance sector as your domicile from which to conduct your business. I also congratulate you on the opening of your new office.

I wish you the best of prospects and continuing success in all your present and future ventures.

Thank you and good evening.