CAYMAN ISLANDS MONETARY AUTHORITY

EXCERPTS FROM THE INSURANCE LAW, 1979 (1995 REVISION)

Pertaining to Offshore Insurance Companies

 

Persons desiring to carry on insurance business from within the Islands may make application in writing to the Cayman Islands Monetary Authority for the grant of a Class "B" Insurer’s Licence.

A company effecting general insurance business – US$120,000

A company effecting long-term business – US$240,000

A company effecting both general and long term business – US$360,000

  1. to maintain a general review of insurance practice in the islands and to ensure that every licensee is carrying on business in a satisfactory manner and is in a sound financial position, and
  2. to examine and make recommendations to the Governor with respect to applications for licences.

 

Further inquiries may be directed to:

Mr. William McCullough
Head of Insurance Supervision
Cayman Islands Monetary Authority
P. O. Box 10052
Grand Cayman
Cayman Islands, BWI

Telephone: 345-949-7089
Facsimile: 345-949-2532

 

A copy of the Insurance Law,1979 (1995 Revision) and The Insurance (Forms) Regulations, 1980 are available at a cost of US$14.51 (cheques payable to "Cayman Islands Government") by writing to:

The Clerk of the Legislative Assembly
P. O. Box 890GT
Grand Cayman
Cayman Islands, BWI