Defence (Personnel Matters) Governor's Orders, 2023

INSURANCE (AMENDMENT) (NO. 2) BILL, A BILL FOR AN ACT TO AMEND THE INSURANCE ACT, 2010 TO INCLUDE REFERENCES TO THE BENEFICIAL OWNERSHIP REGIME; AND FOR INCIDENTAL AND CONNECTED PURPOSES

PUBLISHING DETAILS Sponsoring Ministry/Portfolio: Ministry of Financial Services and Commerce (FSC)

Objects and Reasons

Memorandum of OBJECTS AND REASONS This Bill amends the Insurance Act, 2010 to include references to the beneficial ownership regime. Clause 1 provides the short title and commencement of the legislation. Clauses 2 to 4 amend sections 20, 21 and 24 of the Insurance Act, 2010, respectively, by changing references to Part XVIIA of the Companies Act (2021 Revision), Part 12 of the Limited Liability Companies Act (2021 Revision) or Part 8 of the Limited Liability Partnership Act (2021 Revision) to references to the Beneficial Ownership Transparency Act, 2023.

Arrangement of Clauses

Clause

Clause 1

A BILL FOR AN ACT TO AMEND THE INSURANCE ACT, 2010 TO INCLUDE REFERENCES TO THE BENEFICIAL OWNERSHIP REGIME; AND FOR INCIDENTAL AND CONNECTED PURPOSES ENACTED by the Legislature of the Cayman Islands. Short title and commencement (1) This Act may be cited as the Insurance (Amendment) (No. 2) Act, 2023. (2) This Act comes into force by Order made by the Cabinet. Amendment of section 20 of the Insurance Act, 2010 - duties of auditor The Insurance Act, 2010, in this Act referred to as the “principal Act”, is amended in section 20(1)(e)(ia) by deleting the words “Part XVIIA of the Companies Act (2018 Revision), Part 12 of the Limited Liability Companies Act (2018 Revision) or Part 8 of the Limited Liability Partnership Act, 2017” and substituting the words “the Beneficial Ownership Transparency Act, 2023”. Amendment of section 21 - insurance managers The principal Act is amended in section 21(2)(g) by repealing subparagraph (ia) and substituting the following subparagraph — “(ia) the Beneficial Ownership Transparency Act, 2023;”.

Clause 4

Amendment of section 24 - powers of the Authority The principal Act is amended in section 24(1)(d) by deleting the words “Part XVIIA of the Companies Act (2018 Revision), Part 12 of the Limited Liability Companies Act (2018 Revision) or Part 8 of the Limited Liability Partnership Act, 2017” and substituting the words “the Beneficial Ownership Transparency Act, 2023”. Passed by the Parliament the day of , 2023.

Speaker

Clerk of the Parliament