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The long awaited portfolio insurance company legislation is now in force.
Those familiar with the Cayman Islands segregated portfolio company (the “SPC”) will note that an SPC is one legal entity irrespective of the number of segregated portfolios created. This means that segregated portfolios forming part of the SPC cannot contract together. Many offshore jurisdictions have sought to overcome this obstacle by introducing legislation to specifically provide that segregated portfolios within the same segregated portfolio company can contract together. Through the portfolio insurance company legislation, the Cayman Islands offers its own solution to the perceived limitations of the traditional SPC structure.
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Cayman Islands Portfolio Insurance Companies
Also published in INSOL International’s February 2015 newsletter.