Cayman to encourage development of reinsurance business
Cayman Premier McKeeva Bush has announced plans to introduce a streamlined work permit regime aimed at encouraging reinsurance business to the Cayman Islands.
At the recent Cayman Captive Forum, Bush noted that the Cayman government would introduce a number of incentives for reinsurance businesses. The incentives are 10-year work permits for senior executives of companies and reduced work permit fees.
When announcing the incoming regime, Bush indicated, in contrast to other offshore jurisdictions like Bermuda, the Cayman Islands will not seek equivalency with the EU’s stringent capital adequacy requirements under Solvency II, providing appeal for reinsurers seeking to bypass the strict capital controls.