The Caribbean Association of Insurance Regulators (CAIR) was born out of the need to rationalize the Regulation of the Caribbean Insurance Industry. Its birth, in 1994, evolved from meetings of the multidisciplinary CARICOM Working Party on Insurance and Reinsurance which was responsible for the development of a report on Catastrophe Protection in the Caribbean. The inaugural meeting of CAIR was then held in Belize City in early 1994 during which a Board was elected, with Raymond Nevillac being the first president of the Association.
A draft constitution was presented on May 18, 1994 in which it was proposed that CAIR be domiciled in Curacao. The draft CAIR constitution also includes “articles on object and means, membership, executive council, officers, finances, general meetings, amendments and dissolution, interpretations, interim executive council and effectivity.”
Whilst the association has been around since 1994 the limited human and financial resources available from the member countries has constrained its growth, development and functionality. To remedy the problem of limited recourses, the members then embarked on other ways to encourage the advancement of the association.
In September 2006, at a meeting of the association held at the Central Bank of Trinidad & Tobago, a Working Group chaired by the Deputy Inspector of Financial Institutions, Trinidad & Tobago addressed the theme, “Revitalisation of CAIR”. During this meeting it was agreed that Jamaica would establish the secretariat for CAIR. It was also agreed that Trinidad & Tobago would develop a CAIR web site. These two milestones were achieved in 2008.