Cayman welcomes new legislation
A framework for incorporated cell companies has been created in the Cayman Islands.
The Cayman legislative assembly has passed an amendment to allow the registration of portfolio insurance companies (PICs), within segregated portfolio company insurers (SPCs).
The minister for financial services, Rolston Anglin, explained that PIC legislation is more efficient and cost-effective than standalone ICC legislation.
Anglin added: “PICs do not involve the highly creative and untested jurisprudence involved in an ICC. Furthermore, because they will take on the form of an exempted company they will be subject to the same legal requirements as any exempted company.”
