2017-0024

Gazette No. 79 dated 20th September, 2017.

A BILL FOR A LAW TO AMEND THE INSURANCE LAW, 2010 TO REQUIRE LICENSEES PROVIDING COMPANY MANAGEMENT SERVICES TO COMPLY WITH PART XVIIA OF THE COMPANIES LAW (2016 REVISION) AND PART 12 OF THE LIMITED LIABILITY COMPANIES LAW, 2016; AND FOR INCIDENTAL AND CONNECTED PURPOSES

THE INSURANCE LAW (AMENDMENT) BILL, 2017 MEMORANDUM OF OBJECTS AND REASONS

This Bill requires insurance licensees with managers providing company management services to comply with the requirements of Part XVIIA of the Companies Law (2016 Revision) and Part 12 of the Limited Liability Companies Law, 2016. Clause 1 of the Bill sets out the short title. Clause 2 amends section 20 of the Insurance Law, 2010 to require an auditor to give notice to the Authority where the auditor suspects that Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016 is being contravened by a licensee who is a “corporate service provider” as defined in that Part. Clause 3 amends section 21 to require an insurance manager to give notice to the Authority if the insurance manager suspects that Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016 is being contravened by a licensee who is a “corporate service provider” as defined in that Part. Clause 4 amends section 24 to enable the Authority to sanction a licensee that contravenes Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016.

ARRANGEMENT OF CLAUSES

Short title Amendment of section 20 of the Insurance Law, 2010 - duties of auditor Amendment of section 21 - insurance managers Amendment of section 24 - powers of the Authority

A BILL FOR A LAW TO AMEND THE INSURANCE LAW, 2010 TO REQUIRE LICENSEES PROVIDING COMPANY MANAGEMENT SERVICES TO COMPLY WITH PART XVIIA OF THE COMPANIES LAW (2016 REVISION) AND PART 12 OF THE LIMITED LIABILITY COMPANIES LAW, 2016; AND FOR INCIDENTAL AND CONNECTED PURPOSES

ENACTED by the Legislature of the Cayman Islands. This Law may be cited as the Insurance (Amendment) Law, 2017. The Insurance Law, 2010, in this Law referred to as “the principal Law”, is amended in section 20(1)(e) by inserting after subparagraph (i) the following - “(ia) Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016, if the licensee is a “corporate services provider” as defined in that Part;”. The principal Law is amended in section 21(2)(g) by inserting after subparagraph (i) the following - “(ia) Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016, if the licensee is a “corporate services provider” as defined in that Part;”. Short title 20 of the Insurance Law, 2010 - duties of auditor 21 - insurance managers

The principal Law is amended in section 24(1)(d) by deleting the word “Law” and substituting the words “Law, Part XVIIA of the Companies Law (2016 Revision), Part 12 of the Limited Liability Companies Law, 2016”.

Passed by the Legislative Assembly the day of , 2017.

Speaker.

Clerk of the Legislative Assembly. 24 - powers of the Authority