Regulation and Oversight
CIMA and NAIC Fortify Relationship To Coordinate Regulatory Efforts
The Cayman Islands Monetary Authority (CIMA) has signed a memorandum of understanding (MOU) with the National Association of Insurance Commissioners (NAIC). The MOU is designed to help insurance supervisors in the United States and the Cayman Islands coordinate on regulatory issues with the goal of efficient, fair, safe, and stable insurance markets. Read More
Update from Vermont on the Microsoft Captive Cease and Desist Order
Read about what was said at the recent Vermont Captive Insurance Association Annual Conference surrounding the order from the Washington State Office of the Insurance Commissioner, which told Microsoft's wholly owned Arizona captive insurer to cease and desist transacting insurance business in the state and stop soliciting and writing insurance coverage for Washington insureds. Read More
Guernsey: "First" Incorporated Cell Company Core Admitted to TISE
In 2017, Dom Re IC, an incorporated cell of Solidum Re (Guernsey) ICC (incorporated cell company), issued what were believed to be the first notes to have been digitized on a private blockchain. In another first, Solidum Re ICC recently became a member of the Guernsey-headquartered International Stock Exchange (TISE). Read More
Cayman Issues 14 New Captive Insurer Licenses in Second Quarter 2018
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. Read More
Dodd-Frank Reform and International Insurance Standards Coordination
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. Read More