Ruwan Jayasekera has been confirmed as Head of the Insurance Supervision Division at the Cayman Islands Monetary Authority (“CIMA”).
Mr. Jayasekera first joined CIMA in April 2007, as a senior analyst in the Insurance Supervision Division, and later was 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.
On March 14, 2016, Mr. Jayasekera was appointed as Acting Head of the Insurance Division.
CIMA Managing Director 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.”
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 an M.B.A. 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.
Kieran O'Mahony, the chairman of the Insurance Managers Association of Cayman (“IMAC”) commented, “We are extremely pleased with this announcement. Ruwan is highly regarded within the Cayman 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. 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 view point is thoroughly considered. He has the intellect, the history, and the determination to help drive Cayman's captive and reinsurance industry forward.”
The Cayman Islands had over 709 captive licensees as of June 30, 2016. In addition to healthcare and group captives, captives also are increasingly being put to use for innovative lines of business and risk such as insuring employee medical stop loss, medical groups, cyber/privacy breach, and equipment maintenance.
Learn more: Cayman Islands Monetary Authority; www.caymancaptive.ky.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].