Insurance Comparative Guide

1 Legal framework

1.1 Which legislative and regulatory provisions govern the insurance sector in your jurisdiction?

The insurance sector in the Cayman Islands is primarily governed by the Insurance Act, 2010 and associated regulations; together with the rules, statements of guidance, regulatory policies and procedures issued from time to time by the regulator, the Cayman Islands Monetary Authority (CIMA).

Insurers, insurance managers, insurance agents and insurance brokers are also subject to other applicable regulatory laws, such as:

• the Anti-Money Laundering Regulations (as amended) (‘AML Regulations');
• the Data Protection Act, 2017; and
• those laws referred to in question 1.2.