CIMA explores new licence categories as captives grow

The Cayman Islands Monetary Authority (CIMA) is reviewing the Insurance Act to introduce new licence categories in response to the growth in captive and offshore insurance entities. Proposed changes include new reinsurance broker, MGA licences, and a new international insurer category (B(iv)). CIMA reported that there are 723 international insurance companies licensed in Cayman, with 38 new formations this year. Of the new formations, a significant portion are captives, primarily B(i) captives, with strong interest in group captive growth. The initiative aims to streamline regulation and accommodate a broader variety of insurance operations in the jurisdiction.

Source: Captive International

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