As noted in our
client update of 3 April 2013, the Insurance Law, 2010 (the
"Law") was amended to allow for a
segregated portfolio company ("SPC") to
register subsidiary companies as portfolio insurance companies
(each a "PIC") with the Cayman Islands
Monetary Authority ("CIMA"). These
amendments to the Law and associated regulations came into force on
16 January 2015.
PICs provide a practical legal solution for Cayman Islands SPCs
to transact insurance business between segregated portfolios (or
"cells"). Since PICs have the
express power to contract with the SPC, any cell and any other PIC
related to the controlling relevant insurer SPC, it now allows for
PICs within the SPC structure to participate in different cellular
insurance strategies. An exempted company whose voting shares
are held by a cell can register with CIMA as a PIC to undertake
'insurance business' that is within the scope of the
insurance licence held by its controlling relevant SPC.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
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