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ARTICLE · 15 APRIL 2013

Insurance Company Legislation In Cayman

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Insurers formed as segregated portfolio companies can now look forward to enjoying the advantages of portfolio insurance companies in the Cayman Islands.

Cayman IslandsWealth Management
Simon Raftopoulos
Simon Raftopoulos
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Insurers formed as segregated portfolio companies (SPCs) can now look forward to enjoying the advantages of portfolio insurance companies in the Cayman Islands.

On 25 March, the Cayman Islands' Legislative Assembly passed a Bill which amends the Insurance Law (2010 Revision), to enable insurers formed as SPCs to take advantage of similar benefits as incorporated cell companies in other jurisdictions like Jersey and Guernsey.

Proposals

Pursuant to the amendments, a new or existing SPC insurance company is able to incorporate one or more of its segregated portfolios by establishing a "portfolio insurance company" (PIC) under the SPC. The PIC would then undertake the relevant insurance business, which would normally be carried out by the segregated portfolio.

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