AI-assisted research summary: This Law validates the charging and collection of certain segregated portfolio and other fees for specified past periods, and preserves prior court orders or determinations.
CAYMAN ISLANDS INSURANCE (VALIDATION) LAW, 2013 (Law 25 of 2013) Supplement No. 1 published with Extraordinary Gazette No. 3 dated 15th January, 2014. PUBLISHING DETAILS Commencement unknown Page 2 Law 25 of 2013 c Insurance (Validation) Law, 2013 Arrangement of Sections CAYMAN ISLANDS INSURANCE (VALIDATION) LAW, 2013 (Law 25 of 2013) Arrangement of Sections Section Page 1. Short title ...................................................................................................................................5 2. Validation ...................................................................................................................................5 c Law 25 of 2013 Page 3 Insurance (Validation) Law, 2013 Section 1 CAYMAN ISLANDS INSURANCE (VALIDATION) LAW, 2013 (Law 25 of 2013) A LAW TO VALIDATE THE CHARGING AND COLLECTION OF SEGREGATED PORTFOLIO FEES AND OTHER FEES, DURING SPECIFIED PERIODS; AND TO MAKE PROVISION FOR INCIDENTAL AND CONNECTED MATTERS ENACTED by the Legislature of the Cayman Islands. 1. Short title 1. This Law may be cited as the Insurance (Validation) Law, 2013. 2. Validation 2. (1) The charging and collection of fees in respect of a segregated portfolio, from 1st November, 2012 to 2nd July, 2013, in purported exercise of powers conferred by the Insurance Law, 2010 or regulations made thereunder, is validated and is to be taken to have been lawfully charged and collected. (2) The charging and collection of any fees other than fees in respect of a segregated portfolio, from 1st November, 2012 to 28th November, 2012, in purported exercise of powers conferred by the Insurance (Applications and Fees) Regulations, 2012, is validated and is to be taken to have been lawfully charged and collected. (3) This Law does not affect any order or determination made by a court prior to the commencement of this Law. c Law 25 of 2013 Page 5 Section 2 Insurance (Validation) Law, 2013 Passed by the Legislative Assembly the 13th day of December, 2013. J. O’Connor-Connolly Speaker. Zena Merren-Chin Clerk of the Legislative Assembly. Page 6 Law 25 of 2013 c