The Cayman Islands Government intends to submit an application for qualified jurisdiction status (QJS) from the National Association of Insurance Commissioners (NAIC) by the end of the second quarter of 2026. Hon. André Ebanks, Premier and Minister for Financial Services, announced the timeline during his keynote address at the Cayman International Reinsurance Companies Association (CIRCA) ReConnect conference. The move represents the first time a specific timeframe has been officially announced for the jurisdiction's pursuit of QJS status. Achieving this status is seen as a significant step for the Cayman reinsurance and captive market, as it can reduce collateral requirements for Cayman-based reinsurers when transacting with US ceding companies. Commenting on the application, Ebanks says: “We have an idea of where we stand. This is now officially pre-season. And by the end of this calendar quarter, our aim is to enter into the official season by launching our QJS application.” To support this initiative and bolster the regulatory framework, the government is also seeking to increase its technical expertise. Ebanks reveals that the Ministry is currently recruiting for a dedicated reinsurance specialist to assist the Cayman Islands Monetary Authority (CIMA). Reflecting on the necessary steps for success, Ebanks notes: “Now, what do we need to do to make sure that that effort, that goal is successful? I have a few thoughts, my own observations. We have to increase our bench strength. So with the budget that's being used, the ministry has its own post-out for a reinsurance specialist to come in and help guide us.” The Premier emphasised that the effort to advance the jurisdiction’s standing in the global reinsurance market is a collaborative one, likening the process to a team effort rather than a "solo act". He adds: “If you all wanna now enter into the official season of reinsurance in this country, we need to do it as part of a team.”
