The Cayman Islands Monetary Authority is responsible for the
supervision of 741 licensed captives making the Cayman Islands the
second largest domicile for captives worldwide. The Cayman Islands is
the leading domicile for health care captives.
This article summarises the main points of the Insurance (Amendment) Bill 2011. This Bill, currently a consultation draft, seeks to amend the Insurance Law, 2010 to permit the registration of PIC; and to provide for incidental and connected purposes.
With triple-digit drops in the Dow one day and double-digit jumps the next, frightened investors seem to have made peace with the fact that their money may be safer under their mattresses than left to the volatility of the market.
The Caribbean Catastrophe Risk Insurance Facility (CCRIF) was formed in
May 2007 following Caribbean heads of government evaluating their
countries’ exposures to catastrophe hazards, such as Hurricane Ivan in
September 2004 which caused physical and socio-economic damage to
Grenada, Jamaica and the Cayman Islands.
Captive insurance company business has always been viewed by United as
‘preferred’ business. Simply put, organisations that are willing and
able to retain risk in their own (captive) insurance company subsidiary,
whereby their capital is exposed to the potential for loss ...
Global CDO issuance grew from approximately US$41bn in the first
quarter of 2005 to over US$180bn in the first quarter of 2007, as shown
in Exhibit 1. Over the same period, the proportion of new CDOs issued
by Cayman special purpose entities (SPEs) peaked at around 80 per cent
of total global issuance
The Cayman Islands captive insurance industry’s most pertinent issue today is the current global financial crisis. Rounding out the Top 3 pertinent issues to our industry is increased competition and a potentially changing regulatory environment; however these two issues are not necessarily mutually exclusive to the current global economic problems.