Cabinet has approved draft legislative instructions to amend the law governing statutory authorities to allow them to set salary scales that reflect the markets in which they operate.
Premier André Ebanks disclosed the development during remarks at the ReConnect reinsurance conference at The Ritz-Carlton, Grand Cayman on 17 April.
He framed it as a response to salary constraints that limit statutory authorities from recruiting in competitive professional markets.
Ebanks noted that the bodies are currently bound by civil service salary scales, which he said puts them at a disadvantage when competing in different markets.
Under the proposed amendment, a statutory authority that meets defined criteria of profitability and governance standards would be able to approach Cabinet to request a separate salary scale.
Ebanks did not name specific authorities that would qualify, though his remarks were made in the context of Cayman Islands Monetary Authority’s recruitment needs.
“They can compete for top talent,” he said of authorities that successfully make the case to Cabinet.
Cabinet approving draft instructions represents an early stage of the legislative process. The amendment would need to proceed through the standard drafting and parliamentary stages before becoming law.
Ebanks has tied the reinsurance push to a series of capacity-building measures, including a new reinsurance specialist post within his ministry and a potential secondment programme between the public and private sectors.
He told conference delegates that Cayman was on course to formally submit its QJS application to the NAIC before the end of the second quarter.
Ebanks listed the salary reform as one of several capacity-building measures needed to advance the reinsurance agenda. “We have to increase our bench strength,” he told delegates.
