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Contracts

General

What general rules, requirements and procedures govern the conclusion of (re)insurance contracts in your jurisdiction?

Not applicable – generally, (re)insurance contracts for Cayman-established (re)insurers are governed by laws outside the Cayman Islands (eg, UK law or New York law).

Mandatory/prohibited provisions

Are (re)insurance contracts subject to any mandatory/prohibited provisions?

Not pursuant to Cayman law.

Implied terms

Can any terms by implied into (re)insurance contracts (eg, a duty of good faith)?

This depends on the governing law of the contract. For Cayman law general contracts, there are no implied terms in (re)insurance contracts.

Standard/common terms

What standard or common contractual terms are in use?

This depends on the governing law of the contract.

‘Smart’ contracts

What is the state of development in your jurisdiction with regard to the use of ‘smart’ contracts (ie, blockchain based) for (re)insurance purposes? Are any other types of financial technology commonly used in the conclusion of (re)insurance contracts?

Not applicable.

Breach

What rules and procedures govern breach of contract (for both (re)insurer and insured)?

This depends on the governing law of the contract. 

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