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Form a Reinsurance Company
If you are looking to domicile a reinsurance company in the Cayman Islands, what are the next steps to take?
Here’s everything you need to know about getting started.
Form a Reinsurance Company
The first step in setting up a reinsurance company in the Cayman Islands is to make a formal application to the Cayman Islands Monetary Authority for a Class D Insurer’s Licence.
Further information can be obtained from the Cayman International Reinsurance Companies Association (CIRCA).
The Licensing Process
Once the application has been submitted it will be reviewed by the Insurance Supervision Division at CIMA. Questions will be asked if needed and once they are satisfied with the proposal, a letter of no objection will be issued to the company.
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 and actuary, approved by the regulator.
A comprehensive three year business plan is also required as part of the application. Minimum capital requirements for Class D reinsurance companies are $50 million, whether proposed business is general, long term, such as life insurance, or a combination of both.
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.