Cayman Islands Monetary Authority

The Cayman Islands Monetary Authority (CIMA) regulates all insurance business in the Cayman Islands under the Insurance Act, including the Class B license category under which most captives are licensed, subdivided into B(i), B(ii), and B(iii) based on how much of the insurer's business comes from related parties. CIMA also licenses Class C insurers (limited-recourse, fully collateralized structures such as insurance-linked securities) and administers the Segregated Portfolio Company framework that underpins Cayman's cell-captive and rent-a-captive market.

All Cayman-licensed captives are required to appoint a Cayman-resident insurance manager, who serves as the primary point of contact with CIMA on the captive's behalf and maintains its books and records locally. CIMA processes license applications electronically through its REEFS platform, with typical review timelines of 8 to 12 weeks for a Class B license. As of the most recent full-year data, CIMA regulated 720 total licensed insurers, with Class B (captive) licenses accounting for the large majority of that population.