CIMA regulatory system worked, says IMAC

(CNS Business): In the wake of news that a former manager at a Cayman registered insurance firm is facing some 18 charges in connection with fraud, theft and deception the local Insurance Managers Association has claimed the crime was exposed because of the local regulatory system. David Self is accused of stealing more than US $1million and has been charged with a variety of financial crimes which allegedly led to the collapse of Monkton Insurance. The IMAC said Wednesday that news of the crime was not welcome it illustrated that the regulatory environment had performed in exactly the way it should in bringing the alleged fraud to the attention of the authorities. (Read more on CNS Business)