The Cayman Islands Monetary Authority ("CIMA") has issued a new Regulatory Policy on Licensing for Class B Insurers, effective immediately, which sets out CIMA's expectations and licensing requirements for applicants of class B insurer's licences. In addition, CIMA has a new Rule on Professional Qualification Requirements for Insurance Companies, Brokers, Agents and Agencies, effective 1 December 2021, which sets out minimum professional qualification requirements for relevant persons of insurance companies, brokers, agents and agencies.
Please click on the advisory links below to read a summary of the key practical points.
CIMA Issues New Licensing Policy for Class B Insurers
CIMA Issues New Professional Qualification Rule for Insurance
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.