The Cayman Islands’ legislative assembly voted in September 2012 to adopt amendments to its Insurance and Immigration Laws with a goal to capture a greater portion of the global catastrophe bond and reinsurance market, clearly delineate different markets, bring the legislation into line with international standards, and strengthen penalties for non-compliance with the law. The amendments to the Insurance Law creates a new category of reinsurers for catastrophe bond issuers. Amendments to the Immigration Law are designed to incentivize reinsurers to relocate to the Cayman Islands by providing long term work permits. A by a Cayman minister at a recent conference outlines some of the current regulatory issues and initiatives in the Islands.
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Cayman Islands aims to attract more reinsurance business by amending its insurance law
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