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CIMA Appoints Head of Insurance Supervision Division

Bermuda Beach Ocean
July 19, 2016
The Cayman Island Monetary Authority (CIMA) announced yesterday that Mr. Ruwan Jayasekera has been confirmed to the post of Head of the Insurance Supervision Division at CIMA.

The following is from CIMA's July 18, 2016, press release.

"[Mr. Jayasekera] first joined CIMA in April 2007, as a Senior Analyst in the Insurance Supervision Division, and was later promoted to Chief Analyst. After working in this capacity for a few years, he returned to Sri Lanka in 2011, taking up the position of Assistant General Manager—Business Operations at Allianz Insurance Lanka Ltd. He then returned to CIMA in January 2013 and as a Deputy Head in the Insurance Division has been actively engaged with both the local insurance industry and the international regulatory standard-setting bodies.
On 14 March, 2016, Mr. Jayasekera was appointed as Acting Head of Insurance Division.

Managing Director, Mrs. Cindy Scotland said, 'The search for a suitable candidate to fill the role as Head of Insurance has been ongoing for some time now due to a worldwide shortage of highly skilled and experienced persons in the field of insurance supervision, especially with the competitive salary/remuneration expectations.” 
With this in mind, the Authority’s aim was to identify a strategic leader with the requisite competencies and balanced approach to both regulation and competing market forces; one who has the technical knowledge and proven experience in managing a team of experienced human resources.'

She added, 'Having been appointed as Acting Head of Insurance for the past four months, Mr. Jayasekera has proven his ability to successfully lead the Insurance Supervision Division with confidence.'

Mr. Jayasekera holds a Master’s degree in Business Administration and a Bachelor’s degree in Statistics, both from the University of Colombo, Sri Lanka. He is also a Chartered Insurer and holds the Associate designation from the Chartered Insurance Institute, United Kingdom."

There were a total of 708 Class “B”, “C,” and “D” captive insurance companies and 32 Insurance Managers under the supervision of CIMA as of December 31, 2015.

The Insurance Managers Association of Cayman previously reported pure captives represent 369 of the licensed captives—140 are segregated portfolio companies, with 124 being group captives. Combined, these licensees wrote premiums of $12.0 billion and held total assets of $58 billion in 2014.
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