Draft Rule And Statement Of Guidance: Reinsurance Arrangements

The Cayman Islands Monetary Authority ("the Authority") recently published a Private Sector Consultation Paper with a draft Rule and Statement of Guidance on Reinsurance Arrangements (the "draft Rule & SOG"). The draft Rule & SOG are intended to replace the current Statement of Guidance on Reinsurance Arrangements - Class A Insurers and better align our regulatory framework with international standards, including Insurance Core Principle 13 issued by the International Association of Insurance Supervisors, of which the Authority is an active member. Notably, this includes updating the regulatory measures in part to a Rule (which is binding) in order to ensure enforceability where appropriate.