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ARTICLE · 17 MARCH 2017

Insurance & Reinsurance 2017: Cayman Islands

Maples Group
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A practical cross-border insight into insurance and reinsurance law

Cayman IslandsInsurance
Abraham Thoppil
Abraham Thoppil
Luke Stockdale
Luke Stockdale
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1 REGULATORY

1.1 Which government bodies/agencies regulate insurance (and reinsurance) companies?

All persons carrying on, or desiring to carry on, insurance business (including reinsurance business) in or from the Cayman Islands need to be licensed under the Cayman Islands Insurance Law. The Cayman Islands Monetary Authority ("Authority") regulates insurance business in the Cayman Islands.

1.2 What are the requirements/procedures for setting up a new insurance (or reinsurance) company?

Insurers are licensed by the Authority as follows:

  1. "Class A insurer" licence, for the carrying on of domestic business (i.e. the provision of insurance in respect of insurable interests of persons ordinarily resident in the Cayman Islands, or of property or vehicles in the Cayman Islands) or limited reinsurance business.

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