Insurance (Validation) Law, 2013 (Law 25 of 2013)

Summary

This is a short validating law passed by the Cayman Islands Legislative Assembly in December 2013 (assented to in January 2014). Its sole purpose is to retroactively confirm the legality of certain insurance-related fees that the Cayman Islands Monetary Authority (CIMA) had already charged and collected before those charges had clear legal authority. This is a technical, historical fix rather than a document that changes ongoing regulatory requirements.

• Segregated portfolio fees: Validates segregated portfolio fees collected between 1 November 2012 and 2 July 2013 under the Insurance Law, 2010.
• Other fees: Validates other (non-segregated-portfolio) fees collected between 1 November 2012 and 28 November 2012 under the Insurance (Applications and Fees) Regulations, 2012.
• Court orders: Does not disturb any court order or determination made before it came into force.

It applies to insurers, including segregated portfolio insurance companies, that paid these specific fees to CIMA during the stated periods, confirming that those payments were lawfully due and cannot be challenged as improperly charged. There is no new compliance regime, filing requirement, or forward-looking obligation created by this Act -- it simply cures a past legal gap regarding fee-charging authority.

Applies to

insurers, segregated portfolio insurance companies