The Health Insurance Commission (HIC) mission is to ensure that the provision of health insurance in the Cayman Islands is well regulated and that assistance is provided to the general public in resolving complaints relating to the provision of health insurance.
The role of the HIC is to monitor and regulate the health insurance industry in the Cayman Islands. The functions of the commission include the assessment and monitoring of premium rates, the administration of the Segregated Insurance Fund (SIF), monitoring the conduct of approved insurers, resolving complaints and advising the Minister generally on any matter relating to health insurance including advice on amendments to the Health Insurance Law and Regulations.
The 1997 Health Insurance Law and Regulations came into force in 1998. Government had therefore established a framework for healthcare funding to be provided for all employees by way of health insurance, with employer and employees meeting the insurance premium costs fifty-fifty.
After a few years of experience, the newly installed health insurance system encountered a few hurdles which led to the revision and amendment of the original Health Insurance Law and Regulations, and the creation of the Health Insurance Commission (HIC) Law, 2003. The HIC Law, 2003 in conjunction with the Health Insurance Law (2005 Revision) and the Health Insurance Regulations (2005 Revision) were then validated to provide the regulatory framework to effectively monitor and regulate the health insurance industry in the Cayman Islands. Since 2005 the health insurance legislation has been amended on several occasions in a n effort to meet the changes in the health insurance and health practice fields.
The Health Insurance Commission has a 10-member Board consisting of the following: The Chief Officer of the Ministry responsible for health insurance; the Chief Medical Officer; the Superintendent of Health Insurance; six members appointed by the Governor from among persons experienced in the areas of health, health insurance, finance (including accounting) and regulation of insurance; and one member of the public who is not experienced in any of the areas specified previously. The first meeting of the HIC. was held on March 4, 2004.
Under the Department of Health Regulatory Services, there are currently nine staff members comprised of one Director/Superintendent of Health Insurance; four Health Insurance Inspectors; one Administrative Assistants, one Customer Service Associate, one Assistant Health Insurance Inspector and one Financial Accountant.
The staff are responsible for carrying out the following duties:
Chairperson - Mr. Justin Woods
Deputy Chairperson - Ms. Darlene Glidden
Members: