CIMA finally fills top insurance post
Ruwan Jayasekera – Deputy Head of Insurance Supervision Division
(CNS Business): After several years without a leader at the helm of the Cayman Islands Monetary Authority’s insurance division, the regulator has finally filled the post. Following an open competitive recruitment process Ruwan Jayasekera has been confirmed as the new head of the department. Given the importance of the growing sector, there had been mounting concerns in the industry about the absence of a permanent leader for so long but earlier this year CIMA said it had struggled to find the right person because of the competition in the sector.
Jayasekera had been temporarily acting as the head of the division since March, and the Insurance Managers Association of Cayman (IMAC) said it was delighted he had been given the job.
IMAC Chairman Kieran O’Mahony said he was highly regarded in the captive and reinsurance industry.
“Not only has he the qualifications, but he is a known, proven and experienced entity having worked closely with industry practitioners for many years,” O’Mahony said. “He has a proportionate and balanced approach to insurance regulation and supervision. He was and continues to be centrally involved in both the shaping of and the implementation of the Insurance Law and associated regulations and has consistently interacted with IMAC to ensure that industry’s viewpoint is thoroughly considered. He has the intellect, the history and the determination to help drive Cayman’s captive and re/insurance industry forward.”
The Cayman Islands is the second largest jurisdiction for captive insurance, with over 709 licensees at 30 June. It remains the leading jurisdiction for healthcare and group captives, with 34% and 17% of market share, respectively. Cayman captives are also increasingly being put to use for innovative lines of business and risk, such as insuring, employee medical stop-loss, medical groups, cyber or privacy breach and equipment maintenance, the industry expert stated.
With 15 years of regulatory and insurance experience, Jayasekera 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, Jayasekera was appointed as acting head of Insurance Division.
Cindy Scotland, CIMA’s MD, said the search had gone on for some time because of a worldwide shortage of skilled and experienced people with the resulting salary expectations.
With this in mind, she explained, 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 had the technical knowledge and proven experience in managing a team of experienced human resources.
“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,” Scotland added.
Jayasekera has an MBA and a statistics degree. He is a chartered insurer and holds the associate designation from the Chartered Insurance Institute, United Kingdom.
Category: Finance, Financial Services
Glad to CIMA following the civil service lead and only appointing highly qualified persons to the top jobs