Regulation

The success of Cayman’s captive insurance industry is based on the high quality of professionals who service the industry, the public-private sector co-operation that fosters innovation and the robust, responsive regulatory regime that governs it all, through appropriate, cost-effective and efficient supervision.

The responsibility of regulating the insurance industry falls to the Cayman Islands Monetary Authority’s (CIMA) Insurance Supervision Division. The regulatory framework has been established on The Core Principles of Insurance Supervision issued by the International Association of Insurance Supervisors (IAIS).

Cayman’s regulatory framework is designed to enhance the safety and stability of the financial sector and to hold licensees to the highest regulatory standards, while providing an environment that enables growth, innovation and competition.

Open Quote One of the main ingredients of the Cayman Islands’ success as an international financial services centre is this jurisdiction’s regulatory framework. Cindy Scotland, Managing Director, CIMA

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LICENCE CATEGORIES

Under the Insurance Law (2010 Revision), insurance licences are available under the following categories:

• Class A – for domestic/retail business, permitting a local or an external insurer to carry on insurance business in or from the Islands

• Class B – for captive insurance entitles, permitting an exempted insurer to carry on insurance business other than domestic business

• Class C – for insurance-linked securities – providing for reinsurance arrangements limited to and collateralised by the holder

• Class D - for reinsurance companies, permitting an exempted insurer to carry on insurance business

• Insurance Broker – for the arrangement or procurement of insurance or reinsurance contracts on behalf of policy holders

• Insurance Manager - permits a company to provide insurance expertise to or for Class B or Class C insurers.

• Insurance Agent - permits a person (who is not an insurer) to solicit domestic business on behalf of not more than one general insurer and one long term insurer.

For complete information on the licenses and requirements, visit Cayman Islands Monetary Authority 

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