CCRIF SPC is a registered legal entity domiciled in the Cayman Islands, which operates as a risk pooling facility. CCRIF SPC offers parametric insurance designed to limit the financial impact of catastrophic tropical cyclones, earthquakes and excess rainfall events on Caribbean and Central American governments, as well as water and electric utilities, by quickly providing short-term liquidity when a policy is triggered.
CCRIF now invites consulting firms to express their interest in providing the services of Insurance Manager to CCRIF SPC, in accordance with the Cayman Islands Monetary Authority (CIMA) guidelines.
The Insurance Manager (IM) will be a contracted position for a period of three years. As set out in CIMA’s Statement Of Guidance (SOG): Responsibilities of Insurance Managers, the Insurance Manager must have a place of business in the Cayman Islands with such resources, including staff and facilities, books and records as CIMA may consider appropriate, to carry out the scope of works under the role of Insurance Manager.
The IM will act as the principal contact between CIMA and the CCRIF SPC as set out in the SOG, as well as ensuring that the following arrangements are in place and for the subsequent co-ordination of acting as consultant and advisor in respect of insurance matters, policy administration, collecting of premiums, amongst others. In accordance with the SOG, CCRIF has granted powers to other consultants for the following functions: accounting and financial reporting, policy administration, recording of claims reserves, administration of reinsurance protection, premiums collection, as well as payments processing including paying reinsurance premiums.
The main responsibilities of the Insurance Manager include
- verifying that CCRIF SPC remains fit and proper
- monitoring the payment for all debts and other liabilities as they fall due
- maintaining corporate records, financial reports and minutes in the Cayman Islands in a manner that such books and records are easily accessible at the request of the regulator
- maintaining knowledge of the law and regulatory framework for insurance managers and Class B licensees
- AML and regulatory compliance
The IM will also be responsible for controlling from the Cayman Islands, bank accounts relating to the insurance business and safeguarding the assets belonging to the Company. In particular, the IM’s responsibilities will include but are not limited to providing applicable legislation, regulations, rules, statements of principle and other statements of guidance, providing assistance where necessary at meetings concerning the Company.
The IM will report to CCRIF’s Chief Operations Officer. The IM will interact periodically with the Board of Directors of CCRIF SPC. The IM will be selected in accordance with the CCRIF’s Procurement Guidelines using the Quality and Cost Basis Selection process.
Interested firms must review CCRIF’s Annual Report including the Audited Financial Statements and provide an information package indicating that they are qualified to perform the services (brochures, description of similar assignments, experience in similar conditions, general qualifications and number of key staff, and so forth). Interested firms are required to any declare conflicts of interest.
Interested firms may obtain the full request for expressions of interest at http://www.ccrif.org/content/job-posting. For further information on CCRIF SPC, please visit the CCRIF web site at www.ccrif.org.
Expressions of interest must be submitted via email to:
procurement@ccrif.org
before 5pm Cayman Time on 6 August 2024. Email receipts will be issued for all submissions meeting the deadline.
All firms expressing interest will receive a response from CCRIF, via email, during the week ending 16 August 2024. Shortlisted firms will receive a request for proposals (RFP) at that time. Firms will be shortlisted based on relevant experience and technical competence.
