Insurance

Introduction

The Insurance Law of 1979 laid the foundation for the Cayman Islands to become one of the world's largest captive insurance centres. Licensees are regulated by the Cayman Islands Monetary Authority ("the Authority"). All applications for licenses must be submitted to that authority and it is on the Authority's recommendation that approval is given or denied by the Governor in Council. The Authority is staffed by highly qualified personnel and is charged not only with dealing with license applications but with monitoring the operations of all licensees. The Authority maintains close contact with international regulatory bodies in various parts of the world including the National Association of Insurance Commissioners and is constantly monitoring the operation of companies in the Cayman Islands to ensure that acceptable international standards are maintained.