The Cayman Islands legislature has amended the Insurance Law, 2010 to, among other things, permit licensing of two new classes of reinsurers.  The new class C insurer license permits reinsurance through the issuance of catastrophe bonds and other similar instruments, such as insurance linked securities.  The new class D insurer license permits general reinsurance business.  These amendments were made in connection with amendments to the Immigration Law aimed at attracting reinsurers and fund administrators to the Cayman Islands and became effective in November.