AI-assisted research summary: These regulations exempt Lloyd’s of London from section 7(1) of the Insurance Law, but require it to keep cash or securities in a segregated account for liabilities in the Islands as the Authority determines.
CAYMAN ISLANDS Insurance Law INSURANCE (EXEMPTION) REGULATIONS, 2004 (SL 6 of 2004) Supplement No. 6 published with Gazette No.13 dated 28 June, 2004. PUBLISHING DETAILS Page 2 SL 6 of 2004 c Insurance (Exemption) Regulations, 2004 Arrangement of Regulations CAYMAN ISLANDS Insurance Law INSURANCE (EXEMPTION) REGULATIONS, 2004 (SL 6 of 2004) Arrangement of Regulations Regulation Page 1. Citation ......................................................................................................................................5 2. Exemption from the provisions of section 7 (1) of the Insurance Law .........................................5 c SL 6 of 2004 Page 3 Insurance (Exemption) Regulations, 2004 Regulation 1 CAYMAN ISLANDS Insurance Law INSURANCE (EXEMPTION) REGULATIONS, 2004 (SL 6 of 2004) The Governor, in exercise of the powers conferred by section 18 (a) and (g) of the Insurance Law (2003 Revision), makes the following regulations — 1. Citation 1. These Regulations may be cited as the Insurance (Exemption) Regulations, 2004. 2. Exemption from the provisions of section 7 (1) of the Insurance Law 2. (1) Subject to paragraph (2), the association of underwriters licensed with the Authority as Lloyd’s of London is exempt from the provisions of section 7 (1) of the Insurance Law (2003 Revision). (2) Lloyd’s of London shall, in order to cover its liabilities in the Islands, deposit or maintain in a segregated account at a retail bank in the Islands which holds an "A" licence issued under the Banks and Trusts Companies Law (2003 Revision) or at some other institution approved by the Authority, cash or securities at such times, in such amounts and in such manner as may be determined by the Authority from time to time. (3) The Authority shall, in determining the amounts of cash or securities required under paragraph (2), have regard to the nature and scale of the business carried out by Lloyd’s of London in the Islands. c SL 6 of 2004 Page 5 Regulation 2 Insurance (Exemption) Regulations, 2004 Made in Cabinet the 8th day of June, 2004. Carmena Watler Clerk of Cabinet. Page 6 SL 6 of 2004 c
Referenced legislation
- Insurance Law (2003 Revision), (unresolved)
- Insurance Law (2003 Revision). (unresolved)
- Banks and Trusts Companies Law (2003 Revision) (unresolved)