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International Monetary Fund

,260 USA 122,727 61,714 107,369 66,215 Source: CIMA. Notes: 1/ For “B” License banks, represents assets of 192 and 167 institutions in 2002 and 2003, respectively. 2/ For “B” License bank and trust, represents assets of 126 and 114 institutions in 2002 and 2003, respectively. Insurance 13. There are 28 “A” license insurance companies conducting domestic business and 613 “B” license or captives, 370 of which are single parent captives, with 15 writing life at September 2003. ( Table 5 provides data on the industry to end 2003

International Monetary Fund
This paper highlights key findings of the assessment of financial sector regulation and supervision in the Cayman Islands. The assessment reveals that in the last two years, an extensive program of legislative, rule, and guideline development in the Cayman Islands has introduced an increasingly effective system of regulation, both formalizing earlier practices and introducing enhanced procedures. The implementation of financial regulation and supervision complies broadly with standards in all the areas assessed. However, issues related to resources and potential breaches of operational autonomy affect the regulator and, hence, supervision in all sectors.
International Monetary Fund
This paper reviews key findings of the detailed assessment of the Observance of Standards and Codes in the Financial Sector of the Cayman Islands. Banks in the Cayman Islands operate within a well-defined prudential regulatory framework, generally in accordance with Basel standards, that is, largely modeled after the framework currently in use in the United Kingdom. The two-tiered required minimum risk capital standards are significantly above those required by the Basel Capital Accord and are applied in practice based primarily on the perceived differences in risk related to bank ownership.
International Monetary Fund

and the MAL should be amended to increase the permitted monetary penalties to significant amounts. CP 24 Host Country Supervision The MAL should be amended to permit MOUs for consolidated supervision by CIMA and permit CIMA to provide unsolicited supervisory information to host country supervisors. CP 25 Supervision of Foreign Banks’ Establishments The MAL should be amended to permit CIMA to provide unsolicited supervisory information to home country supervisors. Authorities’ response to the assessment CIMA notes that the IMF