Porfolio Insurance Companies - Harneys

Wendy Lee

On March 25, 2013, the Cayman Islands Legislative Assembly passed an
amendment to the Insurance Law (the Amendment) permitting certain insurers
formed as segregated portfolio companies (SPCs) to register portfolio insurance
companies (PICs).

The Amendment permits a new or existing SPC to incorporate a PIC on behalf of a
relevant cell or segregated portfolio. The PIC, instead of the segregated portfolio,
would then conduct the relevant insurance business. Unlike the traditional
segregated portfolio or cell, a PIC will be a separate legal entity (i.e., an exempted
company limited by shares).

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