Form A Fully Collateralised Company

If you are looking to domicile your fully collateralised vehicle in the Cayman Islands, what are the next steps to take?
Here’s everything you need to know about getting started.

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Licensing Requirements 

The application should include the following:

  • Completed license application form
  • The business plan, which includes:
    • Rationale for formation
    • Details of the sponsor
    • Proposed policy limits and risks
    • Directors
    • Details of claims handlers and loss reserving specialists
    • Acceptance letters from an insurance manager and auditor in the Cayman Islands

Class C License Application

The Class C license allows the formation of fully collateralised vehicles. Importantly, the obligations of the Class C license holder are collateralised and limited in recourse to its funding sources or the proceeds of its funding sources.

The minimum capital requirement is $500.

Regulatory Requirements

Among other requirements, detailed on the application form are at least two directors that have been approved by CIMA, a physical place of business in the Cayman Islands and the appointment of an auditor, also approved by the regulator.

Enquire

If you’re interested in forming an insurance or reinsurance company and need further information, please contact us.

Further information can be found on the Cayman Islands Monetary Authority website.

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