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Cayman Islands Monetary Authority
PO Box 10052, 80 Shedden Road
Elizabethan Square,
Grand Cayman KY1 - 1001
CAYMAN ISLANDS

Call Us On

+1 (345) 949-7089

Business Hours

Mon - Fri: 8.30 AM - 5.00 PM
Insurance Regulatory Measures

Section 34 of the Monetary Authority Law enables the Authority to issue or amend Rules, Statements of Guidance and Statements of Principle. In addition, Section 48 provides for the issuance of a Regulatory Handbook to contain the policies and procedures of the Authority in carrying out its regulatory and co-operative functions.

The Authority has published an index of measures that contains links to the Rules, Statements of Guidance, Statements of Principle, Regulatory Policies, Regulatory Procedures and Forms that pertain to each industry regulated by the Authority. 

Rule (R) Statement of Guidance (SOG)
Regulatory Policy (RPY) Regulatory Procedure (RPR)
Form (F) Personal Questionnaire (PQ)
LEGISLATION  click for link
  R SOG RPY RPR F
LICENSING           
 Licensing - Insurance Companies     RPy    
Licensing - Insurance Managers     RPy    
Licensing - Insurance Broker or Agent/Agency     RPy    
Fitness and Propriety     RPy RPr PQ
 
Consolidated Supervision     RPy    
Approval of an auditor     RPy    
 Recognition and Approval of an Actuary     RPy    
 Approval and Notification of changes       RPr  
 Issuing notices of decisions to declined applicants       RPr  
Approved Stock Exchanges    

RPy

List

   
Regulatory Policy - Criteria for Approving Changes in Ownership and Control     RPY    
           
BUSINESS CONDUCT           
Outsourcing – Regulated Entities   SOG      
Corporate Governance R SOG
 
     
 Nature, accessibility and retention of records   SOG      
 Use of The Internet   SOG      
Marketing Policies of Licensees   SOG      
Responsibilities of Insurance Managers   SOG      
 Market Conduct - Class A Insurers, Agents and Brokers R SOG      
 Reinsurance Arrangements   SOG      
 Internal Controls - Insurance R SOG      
Business Continuity Management   SOG      
Professional Indemnity Insurance   SOG      
Waiver of Audit-Class C Licensees     RPy    
Statement of Guidance - for Licensees seeking approval to use an Internal Capital Model to calculate the Prescribed Capital Requirement   SOG      
Regulatory Procedure - Submission process for Licensees seeking approval to use an Internal Capital Model to calculate the Prescribed Capital Requirement       RPR  
           
PRUDENTIAL STANDARDS           
Risk Management For Insurance Companies R        
Asset Management & Investment Strategy For Insurance Companies   SOG      

 Capital Adequacy-Class B Insurers

  SOG      

 Trust Funds – section 7(1) Insurance Law - Approved External Insurers

    RPy    
           
REPORTING           

 Prudential Reports and Statistical Returns

    RPy Current Reporting Schedule ClassA Ann.
          ClassAEI Ann.
          ClassAQtly
          INF1
           
           
 ANTI MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM (AML/CFT)    SOG     NCA