AGP Executive Report
Last update: 10 hours agoCayman Governance & Accountability: The Public Accounts Committee will hold public hearings this week on the Auditor General’s report on outstanding OAG and PAC recommendations, highlighting that government responded to only 9% of 35 reports published between 2015 and 2025, leaving 249 recommendations still open. Regulatory Watch: CIMA revoked Progressive Grocers Insurance SPC’s Class B(ii) licence effective 1 September after five breaches, including failure to maintain solvency and capital, unpaid licence fees, and missing audited financial statements. Insurance Ratings: AM Best removed GUNA Re (Cayman Islands) from under review with negative implications and affirmed A- and “a-” with a stable outlook, citing a capital injection from ITOCHU after May accounting-related capital erosion. Legal & Public Service: Attorney General Samuel Bulgin confirmed he will retire in August 2027, with a recruitment process to begin via the Judicial and Legal Services Commission; separately, the PAC will also examine CIG’s failure to respond to OAG reports. Crypto & Business Links: Toobit, a Cayman-based exchange, is a Platinum Sponsor at TOKEN2049 Singapore, while identity/AML provider Sumsub highlighted BTCC’s automated compliance approach. Regional Finance: Reuters reports Chinese banks have been buying US Treasuries after higher dollar deposit rates, a shift that could affect yuan pressure and global safe-asset flows.
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