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CIMA battles to find insurance chief

| 25/04/2016 | 1 Comment

CNS Business(CNS Business): The Cayman Islands Monetary Authority has struggled to find someone for the post of Head of the Insurance Division, officials said, citing fierce competition in the insurance sector as a contributing factor. At present, the post has been temporarily filled by Ruwan Jayasekera, who is very experienced and known to the industry, and is supported by his deputy, Razaak ‘Raz’ Busari, who was appointed last summer and who also has significant international experience, CIMA said.

a number of CNS Business readers from the insurance industry in Cayman have raised their concerns that the division, which has had a series of acting chiefs over the last few years, is being neglected by CIMA and there is a danger that captive insurance business might start leaving the Cayman Islands if the authority doesn’t focus more heavily on ensuring regulatory support for the industry.

However, CIMA officials said that the division was being properly run with a team of experience staff. “The division currently has a very strong senior management team, with collective regulatory experience to manage its day-to-day operations,” CIMA said in response to our enquiries about the long-vacant top regulatory job.

But the search for the right candidate to fill the role permanently, they admitted, had been ongoing for some time.

A spokesperson for the executive management said that this was down to a worldwide shortage of highly skilled and experienced people in the field of insurance supervision and the competitive salary and remuneration expectations of potential candidates.

“The authority is currently conducting an open competition involving both internal and external candidates,” the CIMA spokesperson said. “We believe that we have now narrowed the field of available candidates and should be in a position to make a decision on the selected candidates in the near future. The authority will aim 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.”

CIMA added that until then, Jayasekera will remain as acting head.

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Category: Finance, Financial Services

Comments (1)

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  1. Jenny says:

    If anyone saw the job posting they would realize they are offering a salary far under the acceptable level. They just can’t attract anyone.

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