NEW YORK (Reuters) – Cayman Islands
legislators plan to bolster the territory’s insurance laws, a spokesman
said on Friday, with an eye to growing a commercial reinsurance market.
The Caribbean tax haven’s interest has been spurred by the success of
Bermuda’s reinsurance market, now capitalised with in excess of $100
billion.
The UK territory is already the biggest hedge fund domicile and the
third-largest captive insurance market, after Bermuda and the United
States.
Captive companies are set up by corporations to provide what is
effectively self- insurance.
Legislators are in the “early stages” of considering recommendations
compiled by a special working group, said the Cayman spokesman.
Legislators were given 23 recommended changes compiled by a working
group appointed by the Cayman Islands Monetary Authority.
