George Town, Grand Cayman, 4 December, 2012
Honourable Minister Mark Scotland has announced the passing of new regulations required to enact the Cayman Islands Insurance Law (2010), including the fee schedule for both the existing and new categories of insurance companies. Speaking to a record 1,280 delegates at the 2012 Cayman Captive Forum, Scotland promised that the remaining regulations were in process and would be released in the coming weeks.
The new law was created to satisfy market demands and recommendations from the International Monetary Fund. Designed to clearly differentiate between the domestic and international insurance markets in the Cayman Islands, to regulate each in accordance with its requirements, to strengthen legislation to protect Cayman residents, and to bring the law, formally, into line with international standards, the new law is anticipated to open new markets for new business sectors. Mr. Gordon Rowell, Head of Insurance Supervision of the Cayman Islands Monetary Authority commented in his presentation: “this law underscores Cayman’s commitment to a platform for growth in this important industry”.
The registration fees for captive insurance companies (Class B), which under the new law are sub-categorized depending on the amount of unrelated party risk written, are:
The registration fees for ILS and Catastrophe Bond Insurers (Class C) are CI$5,000 (US$6,098).
These fee schedules continue to make Cayman one of the most price competitive captive markets in the industry.
The 2012 Cayman Captive Forum celebrated its 20th anniversary and with more than 1,280 delegates in attendance, is the world’s largest captive conference. The 21st Forum will be held in the Cayman Islands 3 – 5 December, 2013.
The Insurance Managers Association of Cayman (IMAC) is a non-profit organization run by the insurance managers of the Cayman Islands. In operation since 1981, IMAC’s aim is to act as both regulatory liaison with the Cayman Islands Government and to promote the Cayman Islands as a domicile of choice for captive insurance companies.
For more information on IMAC visit www.caymancaptive.ky.