Caymans Insurance Bill Consultation Extended

by Phillip Morton, Investors Offshore.com

14 April 2010

The Cayman Islands Chamber of Commerce has announced an extension in the consultation period for responses to proposed changes to the island’s Insurance Law.

The consultation, posted on the Chamber’s website, relates to the final draft of a bill that seeks to enhance the regulation of the insurance industry, and generally seeks to ensure the Cayman Islands’ continued compliance and adherence to international regulatory standards.

The draft bill, which will be presented to the Legislative Assembly at the earliest possible opportunity, encompasses the following changes to operational aspects of the Insurance Law:

• Licensing – including provision for the licensing of persons carrying on insurance business or acting as insurance agents, insurance brokers or managers;
• Obligation of licensees – including continuing obligations for licensees, terms and conditions of contractual agreements and ensuring full compliance by licensees in adhering to regulations set out in the Insurance Law;
• Powers and duties of the Authority – including maintenance of a general review of insurance business in the Islands and increased enforcement powers for the Cayman Islands Monetary Authority.

Any comments on the draft bill should be submitted to Samuel Rose, Deputy Chief Office at the Ministry of Finance, Tourism and Development, by email before the extended date of April 23, 2010. Contacts details for Rose are contained in the consultation document.

Recommended