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Article: Insurance Business in The Cayman Islands - The Essential Facts.
- Article from:
- Mondaq Business Briefing
- Article date:
- March 11, 2002
CopyrightCOPYRIGHT 2002 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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The Rise and Rise of Captive Insurance
In 1979 the Government of the Cayman Islands published its first piece of legislation on the subject of insurance. The purpose of the Insurance Law was to encourage the formation of a captive insurance industry, an initiative which has proved spectacularly successful. Statistics published by the Cayman Islands Monetary Authority in June 2001 show that the islands were by then home to some 527 registered captive insurers, writing more than US$3.7bn in premiums and with assets totalling US$15.7bn. From a standing start, Cayman has grown to become one of the world's leading jurisdictions for the establishment of captive ...