The Cayman Islands Monetary Authority launched its new Regulatory Enhanced Electronic Forms Submission (REEFS) system in 2015. Following the successful trial period, the Authority would like to advise Insurance Managers of the industry-wide roll-out of the REEFS system for the use of submitting Requests (i.e. Business Plan Changes, Surrender of a Licence, Letter of Good Standing, etc.) in addition to Financial Returns beginning on March 1, 2016 and kindly ask that you share this information with your members. By now, all Organization Administrators should have received the Administrator User Credentials and should have supplied User ID’s and assigned User Roles to their staff in order to facilitate the use of the system.
As they begin to use the system for the filing of Requests, we ask that they kindly utilize the following guidance:
- The submission of Requests will be done by way of dual submission where Requests are submitted both by email to your respective Analyst and REEFS for a trial period to ensure that no Request is overlooked.
- The system is unable to facilitate the submission of the following Requests at this time as specific forms are being developed in order to assist in their submission, therefore these will continue to be filed in the traditional manner:
- Requests that require Prior Notification Only (please refer to the Regulatory Procedure for the Approval and Notification of Changes – Class B, C and D Insurers and Portfolio Insurance Companies)
- Approval of the appointment of Directors/Officers/Shareholders
- New License Applications
- If a fee is applicable, please provide a copy of the cheque in the email correspondence.
For further information please contact the Insurance Division, Cayman Islands Monetary Authority.
CIMA February 19, 2016.