(Grand Cayman - Monday, 18 July 2016) Following a competitive recruitment process, both internally and externally, Mr. Ruwan Jayasekera has been confirmed to the post of Head of the Insurance Supervision Division at the Cayman Islands Monetary Authority (CIMA) effective 14 July 2016.
Mr. Jayasekera, with over 15 years of regulatory and insurance experience, is well known to the industry.
He first joined CIMA in April 2007, as a Senior Analyst in the Insurance Supervision Division, and was later 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 and as a Deputy Head in the Insurance Division has been actively engaged with both the local insurance industry and the international regulatory standard-setting bodies.
On 14 March 2016, Mr. Jayasekera was appointed as Acting Head of Insurance Division.
Managing Director, Mrs. 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.”
With this in mind, the Authority’s aim was to identify a strategic leader with the requisite competencies and balanced approach to both regulation and competing market forces; one who has the technical knowledge and proven experience in managing a team of experienced human resources.
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 a Master’s degree in Business Administration 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.
As Head of the Insurance Supervision Division, he is supported by a Deputy with significant international experience as well as other experienced senior staff.
Overall, the division has a very strong senior management team, with substantial collective regulatory experience who remains committed to managing its day-to-day operations.