Cayman Islands Insurance Law, 2010 to be introduced

Kevin C. Butler • Posted 29/09/2010 • Last updated 02/12/2011

New law to provide a modern, flexible and comprehensive regulatory regime for the Cayman Islands insurance industry

The Cayman Islands Insurance Law, 2010 is set to come into force shortly, repealing the Insurance Law (2008 Revision). The new law covers fundamental matters such as licensing of persons carrying on insurance or reinsurance business (and those acting as insurance brokers, agents or managers), the obligations of licensees, and the powers and duties of the Cayman Islands Monetary Authority (“CIMA”).

Once operative, the Insurance Law, 2010 (the “Insurance Law”) will provide a modern, flexible and comprehensive regulatory regime for the insurance industry, and seeks to ensure Cayman’s ongoing compliance with and adherence to the highest international regulatory standards.