Regulation and Oversight
The Cayman Island Monetary Authority (CIMA) reported that it issued 14 new captive insurer licenses in the second quarter of 2018. Highlights from the CIMA data are presented as well as class description summaries.
On May 24, 2018, President Donald Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act. It includes an important provision designed to encourage federal coordination with US state insurance regulators when federal agencies represent the United States before international insurance standard-setting organizations.
A Willis Towers Watson (WTW) survey has revealed the extent to which significant uncertainty remains in the insurance industry concerning the approach to key Solvency II requirements since the regulation came into force on January 1, 2016.
The Washington State Office of the Insurance Commissioner has ordered an Arizona captive owned by Microsoft that provides coverage to the Microsoft group of companies to cease and desist transacting insurance business in the state and soliciting and writing insurance coverage for Washington insureds.
The Cayman Islands government is unhappy with the Sanctions and Anti-Money Laundering Bill amendment that was recently accepted by the House of Commons. The amendment requires the British Overseas Territories, but not the Crown Dependencies, to establish public registers of beneficial ownership information by no later than December 31, 2020.