Regulation
Insurance (Amendment) (No. 2) Act, 2023 (Commencement) Order, 2024 (SL 22 of 2024)
In forceView on CIMA's website Source document
Summary
This is a short commencement order made by the Cayman Islands Cabinet that brings the Insurance (Amendment) (No. 2) Act, 2023 into force. The Order itself does not contain any substantive insurance regulation; its sole legal effect is to fix the date on which the amending Act takes effect, namely 31 July 2024. Once in force, the amendments made by the underlying Act 18 of 2023 to the Insurance Act become legally operative.
Because this document is purely a commencement instrument, it does not itself create new compliance duties, filing requirements, or standards for insurers or other regulated persons. Anyone needing to understand what changed in substance should consult the text of the Insurance (Amendment) (No. 2) Act, 2023 itself, which this Order merely activates.
The practical takeaway for compliance officers and counsel in the insurance sector is simply that, as of 31 July 2024, the changes enacted by Act 18 of 2023 are legally binding and should be factored into ongoing compliance analysis.
Deadlines
- 31st July, 2024: Date on which the Insurance (Amendment) (No. 2) Act, 2023 comes into force.
Related documents
- This document commences Insurance (Amendment) (No. 2) Act, 2023 (Act 18 of 2023)
- This document is made under Insurance (Amendment) (No. 2) Act, 2023 (Act 18 of 2023)