Insurance (Amendment) (No. 2) Act, 2023 (Act 18 of 2023)

Summary

This is a short Cayman Islands statute that amends the Insurance Act, 2010 purely to update cross-references to reflect the new consolidated beneficial ownership regime. It replaces existing references in sections 20, 21 and 24 of the Insurance Act (which previously pointed to Part XVIIA of the Companies Act (2018 Revision), Part 12 of the Limited Liability Companies Act (2018 Revision), and Part 8 of the Limited Liability Partnership Act, 2017) with references to the new Beneficial Ownership Transparency Act, 2023.

• Section 20(1)(e)(ia): Relates to the duties of an insurer's auditor.
• Section 21(2)(g): Relates to functions that insurance managers must perform on behalf of licensees.
• Section 24(1)(d): Relates to the Cayman Islands Monetary Authority's powers.

In substance, this does not create new duties beyond what already existed under the Insurance Act read together with the Beneficial Ownership Transparency Act, 2023 - it simply realigns the statutory cross-references so the Insurance Act points to the correct, consolidated beneficial ownership legislation.

The Act was passed by Parliament on 23 November 2023 and assented to by the Governor on 7 December 2023, but it does not commence automatically - it comes into force on a date to be fixed by Cabinet Order, which is not specified in this document.

Key obligations

• Insurers' auditors, insurance managers and CIMA must now apply and reference the Beneficial Ownership Transparency Act, 2023 (rather than the prior Companies Act/LLC Act/LLP Act beneficial ownership provisions) when carrying out duties, functions and powers under sections 20, 21 and 24 of the Insurance Act, 2010

Applies to

insurers, insurance managers, auditors of insurers

Deadlines

• by Order made by the Cabinet: The Act does not commence on assent; it comes into force on a date to be fixed by Cabinet Order, not specified in this document.

Related documents

• This document amends Insurance Law, 2010 (Law 32 of 2010)
• Insurance (Amendment) (No. 2) Act, 2023 (Commencement) Order, 2024 (SL 22 of 2024) commences this document
• Insurance (Amendment) (No. 2) Act, 2023 (Commencement) Order, 2024 (SL 22 of 2024) is made under this document