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Cayman Islands
Overview
The Cayman Islands established its captive legislation in 1979 and has grown into the second largest captive domicile worldwide behind Bermuda. At the end of 2007, Cayman had 765 active captives.
Minimum Capital and Surplus
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Restricted class B (single parent captive) |
case by case |
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Unrestricted class B license - P&C |
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Key Features of Legislation
Cayman has an unique regulatory structure in having only two broad categories of insurer. The regulator has considerable flexibility over capitalization requirements. All prospective insurers must show they have sufficient capital to support their underwriting.
Cayman was also one of the first domiciles to introduce legislation for Segregated Portfolio Companies or cell captives.
There is no premium tax payable in the domicile. An annual licensing fee applies to all insurers. Unlike Bermuda this is a flat fee regardless of the size of the company.
Specialty
Cayman has developed a specialty for healthcare captives with over 35% of its captives being from the healthcare industry. Most of the leading healthcare captives are domiciled in Cayman. The domicile has also generated a large number of group captives and Segregated Portfolio Companies.
SRS Presence
SRS has been managing captives in the Cayman Islands since 2004. We are one of the top ten captive managers on the island and among the fastest growing.
| SRS Contact |
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Wayne Cowan |
Director, SRS Cayman Ltd
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1-345-946-6611 |
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