Cayman Islands Insurance Industry – Governance, Risk and Compliance
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Cayman Islands Insurance Industry Government Regulation Overview
The Cayman Islands Monetary Authority (CIMA) acts as the regulator of the Cayman Islands insurance industry while the International Association of Insurance Supervisors (IAIS), Insurance Association of the Caribbean Inc (IAC), and Cayman Islands Insurance Association (CIIA) act as the other supervisors. The Cayman Islands insurance industry governance regulation report provides a detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation, and transit insurance. The report specifies various requirements for establishing and operating insurance and reinsurance companies and intermediaries. The report also gives insurers access to information on prevailing insurance regulations and recent and upcoming changes in the country’s regulatory framework, taxation, and legal system. It includes the scope of non-admitted insurance in the country as well.
Key Regulators | · Cayman Islands Monetary Authority (CIMA)
· International Association of Insurance Supervisors (IAIS) · Insurance Association of the Caribbean Inc. (IAC) · Cayman Islands Insurance Association (CIIA) |
Compulsory Insurances | · Motor Third-Party Liability Insurance
· Marine Liability Insurance · Professional Indemnity Insurance · Social Security Insurance · Private Healthcare Insurance |
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Cayman Islands Insurance Industry – Key Regulators and Legislation
Cayman Islands Monetary Authority (CIMA): CIMA regulates and supervises the insurance industry in the Cayman Islands. It was established as a body corporate under the Monetary Authority Law. Some of the responsibilities of CIMA include issuing the applicant with a certificate of registration, renewal, modification, withdrawal, or cancellation and protecting the interests of policyholders in matters relating to the assigning of policy, nomination by policyholders, insurable interest, settlement of insurance claims, and other terms and conditions of the contract.
International Association of Insurance Supervisors (IAIS): The IAIS is a membership-driven global organization that represents insurance regulators and supervisors. It formulates and issues various global insurance principles, standards, and guidance, provides training and support on issues related to insurance supervision and organizes meetings and seminars for insurance supervisors. The IAIS works closely with other financial sector standard-setting bodies and international organizations to promote financial stability.
Key laws governing the insurance industry in the Cayman Islands are:
- Insurance Act, 2010 (as amended in 2022)
- Insurance (Variation of Fees) Regulations, 2009
- Insurance (Amendment) Law, 2019
- Insurance (Applications and Fees) Regulations, 2012
- Insurance (Capital and Solvency) (Class A Insurers) Regulations, 2012
- Others
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Cayman Islands Insurance Industry - Compulsory Insurance
Some of the key compulsory insurances required within the Cayman Islands insurance industry are:
- Motor Third-Party Liability Insurance
- Marine Liability Insurance
- Professional Indemnity Insurance
- Social Security Insurance
- Private Healthcare Insurance
Cayman Islands Insurance Industry Analysis by Compulsory Insurances
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Cayman Islands Insurance Industry - Company Registration and Operation
A license is required to operate in the Cayman Islands insurance industry. Section 3 of the Insurance Law 2010 directs insurance and reinsurance companies to obtain authorization and a valid license from CIMA to operate in the Cayman Islands. Intermediaries also need to be authorized by the CIMA to underwrite, advertise, and sell insurance products in the country.
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Scope
This report provides:
- Details of the insurance regulatory framework in Cayman Islands
- Details of the rules and regulations governing insurance products and insurance entities
- Lists and analysis of key trends and developments pertaining to the country’s insurance regulatory framework
- Analysis of the rules and regulations pertaining to the establishment and operation of insurance businesses in the country
- Details of the taxation imposed on insurance products and insurance companies
Key Highlights
- The Cayman Islands insurance industry is regulated by the Cayman Islands Monetary Authority.
- Composite insurance is permitted in Cayman Islands.
- Non-admitted insurance is not permitted in the Cayman Islands insurance industry.
Reasons to Buy
- Provides FAQ-style analytical insights comprising 129 knowledge elements on insurance compliance applicable to the country.
- Gain insights into the insurance regulatory framework in Cayman Islands.
- Track the latest regulatory changes and expected changes impacting the Cayman Islands insurance industry.
- Gain detailed information about the key regulations governing the country’s establishment and operation of insurance entities.
- Understand key regulations and market practices pertaining to various types of insurance products.
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Frequently asked questions
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Which is the key regulator of the Cayman Islands insurance industry?
The Cayman Islands Monetary Authority (CIMA) is the key regulator of the Cayman Islands insurance industry.
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Which other bodies oversee the Cayman Islands insurance industry?
The International Association of Insurance Supervisors (IAIS), the Insurance Association of the Caribbean Inc. (IAC), and the Cayman Islands Insurance Association (CIIA) oversee the Cayman Islands insurance industry.
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Which are the compulsory insurances required within the Cayman Islands insurance industry?
Some of the key compulsory insurances required within the Cayman Islands insurance industry are motor third-party liability insurance, marine liability insurance, professional indemnity insurance, social security insurance, and private healthcare insurance.
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