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Article: Insurance.(Insurance Law of 1979 laid foundation for Cayman Islands to become one of world's largest captive insurance centres)
- Article from:
- Mondaq Business Briefing
- Article date:
- June 24, 2003
CopyrightCOPYRIGHT 2003 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Introduction
The Insurance Law of 1979 laid the foundation for the Cayman Islands to become one of the world's largest captive insurance centres. Licensees are regulated by the Cayman Islands Monetary Authority ("the Authority"). All applications for licenses must be submitted to that authority and it is on the Authority's recommendation that approval is given or denied by the Governor in Council. The Authority is staffed by highly qualified personnel and is charged not only with dealing with license applications but with monitoring the operations of all licensees. The Authority maintains close contact with international regulatory bodies in various parts of the ...
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