Insurance (Forms) Regulations (2003 Revision)

Summary

This is the 2003 Revision of the Insurance (Forms) Regulations made under the (then) Insurance Law of the Cayman Islands. It is essentially a forms-and-templates regulation: it prescribes the standard application forms that must be used when applying for various insurance licences, the form that an actual insurance licence must take, the form of the annual certificate of compliance, and the form of the annual financial statement that licensed insurers must file. The schedules attached to the regulations set out the exact layout and required fields for each of these documents, including detailed underwriting, reinsurance and financial statement templates (Parts A through H of the Fourth Schedule).

• Application forms: Standard application forms for licences as a Class A insurer, Class B insurer, insurance agent, insurance broker, and related categories.
• Licence form: The prescribed form that an actual insurance licence must take.
• Certificate of compliance: The prescribed form of the annual certificate of compliance.
• Annual financial statement: The prescribed form of the annual financial statement that licensed insurers must file.

The regulations apply to persons or companies applying for or holding a licence under the Insurance Law as Class A insurers, Class B insurers, approved external insurers, insurance agents, and insurance brokers. They require that all such applications and filings be made using the prescribed statutory forms rather than free-form submissions, and they fix the recurring obligation for licensed insurers to submit a certificate of compliance and an annual financial statement in the prescribed format.

Because this is a 'forms' regulation rather than a substantive licensing or prudential regime, it does not itself create new licensing criteria or capital requirements (those sit in the parent Insurance Law); it operationalises the Law by dictating exactly what paperwork must be completed and submitted, and includes practitioner notes clarifying how to complete specific schedule items (e.g., treatment of reinsurance, underwriting years, IBNR reserves).

Key obligations

• Applicants for an insurance licence (Class A insurer, Class B insurer, insurance agent, insurance broker, etc.) must use the specific forms set out in the First Schedule for their applications.
• Licences issued under the Insurance Law must be issued in the form set out in the Second Schedule.
• Each licensed insurer, other than an approved external insurer, must furnish a certificate of compliance (in the form set out in the Third Schedule) in relation to its insurance business for each financial year, within six months of the last day of that financial year.
• The annual financial statement required under section 7(5) of the Insurance Law must be prepared and submitted in the form set out in the Fourth Schedule, including the underwriting analysis and reinsurance summary schedules and the auditor's certificate (Part H).

Applies to

Class A insurers, Class B insurers, approved external insurers, insurance agents, insurance brokers

Deadlines

• within six months of the last day of the year: Deadline for each licensed insurer (other than an approved external insurer) to furnish its annual certificate of compliance under section 7(3), in the form set out in the Third Schedule.