Here is your resource for commonly asked questions and a list of industry business partners, Cayman Islands Government departments, and regulatory agencies.
A captive insurance company originated as one that only insured the risks of its parent. However, the term now refers to any insurance company set up in a captive jurisdiction, and not regulated as a regular insurance company.
Captive Insurance companies are created/formed for both economic and risk management purposes. By forming a captive insurance company, a business can lower insurance costs in comparison to premiums paid to a traditional insurance company.
The procedure for formation and licensing of captive insurance companies can be straightforward. Once the decision is made to make use of CSI’s sevices, the following are the typical steps to set up a captive insurance company in the Cayman Islands.
The actual registration of the company is organised through the Registrar of Companies. Registration of the company is immediate on filing of all documents with the Registrar of Companies, the Certificate of Incorporation and stamped M&A usually being issued within three to five working days. Registration is usually only done after the insurance license has been approved in principle. Corporate management and administration services will be provided by Cayman Management Ltd., an affiliated company management firm.
The role of the insurance manager in Cayman can be summarised as being responsible for the financial and business affairs of its client companies and act as an extension of the insurance division of the Cayman Islands Monetary Authority.
The manager will typically work in very close association with the directors of the client company and their designated representatives. The actual duties of the Manager will vary from client to client but will typically involve working with other appointed service providers for the program being responsible for the administration of the affairs of the client company from a Cayman point of view
Duties will include: