28 April 2022Law & regulation

Cayman’s minister highlights forthcoming regulatory reform

Insurance regulation will be among the targets of reforms later this year aimed at Cayman’s financial services industry, according to the islands' financial services minister André Ebanks.

Speaking at the GAIM Ops conference focussed on alternative investments, the minister said Cayman would have to “innovate in a smart way”, according to reports. Noting that The captive insurance and reinsurance sector were seeing solid growth in the domicile, Ebanks outlined a range of financial services regulations being worked on for the jurisdiction.

These include a new reinsurance product with capital redemption contracts or funding agreements, as well as a new category of insurer. A bill should be presented in Parliament sometime in the summer, he said.

Other key developments highlighted included the islands’ virtual assets framework and a legislative framework for implementing environmental, social and governance (ESG) criteria among Cayman’s financial services industry.