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ARTICLE · 19 APRIL 2013

Cayman Introduces Portfolio Insurance Companies

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The Cayman Islands Legislative Assembly recently passed an amendment to the Insurance Law permitting certain insurers formed as segregated portfolio companies to register portfolio insurance companies.

Cayman IslandsInsurance
Wendy Lee
Wendy Lee
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The Cayman Islands Legislative Assembly recently passed an amendment to the Insurance Law (the "Amendment") permitting certain insurers formed as segregated portfolio companies ("SPCs") to register portfolio insurance companies ("PICs"). As of the date of this publication (12 April 2013), the Amendment, while enacted, has not yet come into force.

The Amendment permits a new or existing SPC to incorporate a PIC on behalf of a relevant cell or segregated portfolio.  The PIC, instead of the segregated portfolio, would then conduct the relevant insurance business.  Unlike the traditional segregated portfolio or cell, a PIC will be a separate legal entity (i.e., an exempted company limited by shares).

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