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Cayman Islands
SIX, Cricket Square
PO Box 10052
Grand Cayman KY1-1001
Cayman Islands
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+1 (345) 949-7089

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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.

Below is an index of measures that contains a checklist for RulesStatements of GuidanceRegulatory PoliciesRegulatory Procedures and Forms that pertain to the Insurance sector.


Rules

A clear and precise directive issued to licensees on a subject matter that the Authority considers essential for the prudential supervision of regulated entities and which creates binding obligations on all licensees and for which a breach may lead to the imposition of a fine or regulatory action being taken against the licensee by the Authority pursuant to the exercise of its powers under the regulatory laws.

Statement of Guidance ("SOG") 

Guidance intended to assist licensees to comply with relevant laws, regulations, rules and statements of principles or to describe standards for conduct of business. Guidance contains recommendations on how licensees should operate and represent a measure against which the Authority will assess compliance by licensees.

Regulatory Policy ("RPy")

A set of principles, a criteria, or approach to guide decisions and actions taken by the Authority in performing its regulatory and co-operative functions.

Regulatory Procedure ("RPr")

A set of actions, activities or tasks that the Authority will carry out in performing its regulatory and co-operative functions.

Note: The following items marked with NEW have been recently added or updated.
LEGISLATION  click for link
  Rule

SOG

Policy Procedure Form
LICENSING          
Regulatory Policy Class C Insurance Companies     View    
Licensing - Insurance Companies   View      
Licensing - Insurance Managers   View      
Licensing - Insurance Brokers, Agents and Agencies     View    
Fitness and Propriety     View View

Personal Questionnaire

 

Declaration of Source of Wealth & Source of Funds

Consolidated Supervision     View    
Approval of an Auditor     View    
Recognition and Approval of an Actuary     View    
Approval and Notification of changes       View  
Issuing Notices of Decisions to Declined Applicants       View  
Approved Stock Exchanges     View    
List of Approved Stock Exchanges     View    
Regulatory Policy - Criteria for Approving Changes in Ownership and Control     View    
Use of Restricted Words     View    
BUSINESS CONDUCT          
Outsourcing – Regulated Entities   View      
Corporate Governance View View      
Nature, accessibility and retention of records   View      
Cybersecurity for Regulated Entites View View      
Marketing Policies of Licensees   View      
Responsibilities of Insurance Managers   View      
Market Conduct - Insurers, Agents and Brokers View View      
Reinsurance Arrangements   View      
Internal Controls - Insurance View View      
Business Continuity Management   View      
Professional Indemnity Insurance   View      
Waiver of Audit - Class C Licensees     View    
Statement of Guidance - for Licensees seeking approval to use an Internal Capital Model to calculate the Prescribed Capital Requirement   View   View  
Succession Planning   View      
PRUDENTIAL STANDARDS          
Risk Management For Insurance Companies View        
Asset Management & Investment Strategy For Insurance Companies   View      
Capital Adequacy - Class B Insurers   View      
Trust Funds – section 7(1) Insurance Law - Approved External Insurers     View    
REPORTING          
Prudential Reports and Statistical Returns     View    
Actuarial Valuations View View      
Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)   View     View