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ARTICLE · 30 JULY 1996

Captive Insurance Fact Sheet - Cayman Islands

Willis Corroon
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Legislation               Insurance Law 1979 amendments

Supervisory Jurisdiction  Financial Services Supervision Department

Application to            Superintendent of Insurance

Data includes             Business Plan (3 years), details of 
                          insurance manager, auditor, shareholders 
                          and directors and officers

Reporting Requirements    Annual audited accounts, Certificate of 
                          Compliance

Restriction on Business   Categorised licences

Capitalisation            Property and casualty (min.)    US $120,000
                          Long term (life) (min.)         US $240,000
                          General/both (min.)             US $360,000

Minimum Solvency          Net worth must be maintained above initial 
                          capital requirements. Generally maximum 5:1 
                          ratio premium to capital by convention

Fees                      Incorporation

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