All companies carrying on insurance or reinsurance business in or from within the Cayman Islands must be licensed by the Cayman Islands Monetary Authority (the "Authority") pursuant to the Insurance Law, 2010 (as amended) of the Cayman Islands (the "Insurance Law"), before they can commence business.
Application for a licence is made prior to the incorporation of the company, and each application is carefully considered by the Authority to ensure that the Insurance Law and applicable regulations made thereunder are complied with. Walkers would be pleased to assist clients in the preparation and filing of such licence applications.
In the first instance, the application is submitted to the Authority and, if found satisfactory, is approved in principle. Once approval in principle is obtained or in advance of same if a letter of no-objection is obtained from the Authority, the company can be incorporated. The licence will be issued when all outstanding legal and regulatory requirements have been complied with.
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.