CAYMAN ISLANDS AIMS TO ATTRACT MORE REINSURANCE BUSINESS BY AMENDING ITS INSURANCE LAW
The Cayman Islands’ legislative assembly voted in September 2012 to adopt amendments to its Insurance and Immigration Laws with a goal to capture a greater portion of the global catastrophe bond and reinsurance market, clearly delineate different markets, bring the legislation into line with international standards, and strengthen penalties for non-compliance with the law. The amendments to the Insurance Law creates a new category of reinsurers for catastrophe bond issuers. Amendments to the Immigration Law are designed to incentivize reinsurers to relocate to the Cayman Islands by providing long term work permits. A presentation by a Cayman minister at a recent conference outlines some of the current regulatory issues and initiatives in the Islands.
This post written by Abigail Kortz.
See our disclaimer.
