Honourable Minister Mark Scotland has announced the passing of new regulations required to enact the Cayman Islands Insurance Law (2010), including the fee schedule for both the existing and new categories of insurance companies.
Speaking to delegates at the 2012 Cayman Captive Forum, Scotland promised that the remaining regulations were in process and would be released in the coming weeks.
Gordon Rowell, head of Insurance Supervision of the Cayman Islands Monetary Authority said in his presentation that the law underscores Cayman’s commitment to a: “platform for growth in this important industry.”
The registration fees for captive insurance companies (Class B), which under the new law are sub-categorised depending on the amount of unrelated party risk written, are:
• Bi (up to 5 percent of unrelated business) CI$8,500 (US$10,366)
• Bii (greater than 5 percent but less than 50% unrelated business) CI$9,500 (US$11,585)
• Biii (greater than 50 percent unrelated business written) CI$10,500 (US$12,805)
The registration fees for ILS and Catastrophe Bond Insurers (Class C) are CI$5,000 (US$6,098).
