The world's local bank
The Licensing Procedure
Licence applications, in the prescribed form, together with supporting documentation, must be directed to the Authority of the Cayman Islands through the office of the Head of Insurance Supervision. The prescribed fee is payable on application but will be refunded if the licence is refused. If the application is approved in principle, the company may be incorporated and capitalised. Thereafter, copies of the incorporation documents, with proof of capitalisation, are directed to the Authority, accompanied by a formal letter applying for the licence. The licence will be issued and the company may commence business within the terms of its business plan.
The licensing procedure usually takes approximately three to four weeks, but if an application is carefully and fully prepared the processing time can be reduced significantly.
The Business Plan is a crucial part of the application and should give full details of the proposed insurance activities of the Company covering at least a three year period. It is strongly recommended that we review the Business Plan before it is filed. Any change in the substance of the business plan will require the prior approval of the Head of Insurance Supervision.
