Business Services Industry
Scrutiny produces response.(Cayman Islands insurance regulations and practices)(Brief Article)
Business Insurance, April, 2001 by Roberts, Sally
GRAND CAYMAN, B.W.I.-Regulation and general business practices in the Cayman Islands passed scrutiny from various overseas organizations in 2000. Last June, the world's second-largest captive domicile avoided inclusion on the Organization for Economic Cooperation and Development's list of jurisdictions deemed to have ``harmful'' tax practices, by agreeing to take any necessary measures outlined by the Paris-based OECD.
Specifically, the Cayman government outlined a three- to five-year time frame for the exchange of information regarding criminal, civil and administrative tax matters (BI, June 26, 2000). Although Cayman did not appear on the OECD tax haven list, it did appear on a list of jurisdictions that the Financial Action Task Force deemed...
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