Insurance

Industry regulatory update

BusinessIFC provides an up-to-the-minute guide to regulatory change in the insurance sector in international financial centres. These guides reflect key change in centres across the world. The focus is on jursidictions and their regulators. Our reports seek to show both core technical developments and major strategic developments. 

CAYMAN ISLANDS

March 31, 2009 - Cayman Islands insurance industry regulatory update

Kevin Butler, of Conyers Dill Pearman, describes the status and economic health of the Cayman insurance industry. He then outlines the major regulatory developments in the market - both completed and planned. Continuing demand for the use of captives is expected primarily in the areas of medical malpractice, workers' compensation, property coverage and professional and general liability. 

BERMUDA

March 3, 2009 - Bermuda insurance regulatory outlook

With the growth in special purpose insurance transactions and securitisations, the Insurance Act was amended on January 1 to create a new classification:  special purpose insurer (SPI). In an orthodox insurance securitisation transaction, an SPI (also referred to as a special purpose vehicle) is established for the purpose of entering into a single insurance contract. In order to fund its obligations under the contract, the SPI will issue some form of debt to investors in an amount equal to the company’s maximum liability under the insurance contract.