While fresh legislation is good news for the Cayman Islands’ insurance and reinsurance markets, BVI funds lawyers welcome a new regulatory regime. LB assesses the response from the Caribbean’s top law firms
Significant legislative changes have brought good news to the thriving Caribbean offshore market. After much anticipation, the Cayman Islands Insurance Law 2010 came into force in November, making significant amendments to the current insurance and reinsurance business regime in the islands. The law brings Cayman’s insurance sector in line with international standards and should attract more commercial reinsurers.
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