Caymans Islands extend Insurance Bill Consultation
An extension in the consultation period for responses to proposed changes to the Cayman Insurance Law has been announced by the Cayman Islands Chamber of Commerce.
The consultation that was published on the website of the Cayman Islands Chamber of Commerce is related to the final draft of a bill. The bill aims at enhancing the regulation of the insurance industry as well as ensuring the jurisdiction’s continued compliance and adherence to international regulatory standards.
The following changes to operational aspects of the Insurance Law are included into the draft bill:
- licensing (includes provision for the licensing of persons carrying on insurance business or acting as insurance agents, insurance brokers or managers);
- obligation of licensees (includes continuing obligations for licensees, terms and conditions of contractual agreements and ensuring full compliance by licensees in adhering to regulations set out in the Insurance Law);
- powers and duties of the Authority (includes maintenance of a general review of insurance business in the Islands and increased enforcement powers for the Cayman Islands Monetary Authority).
The draft bill will be presented to the Legislative Assembly at the earliest possible opportunity.
Any comments on the draft bill should be submitted before the extended date of April 23, 2010.