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The Insurance Act, 2010 is amended in section 2(1) as follows \u2014 (a) by inserting in the appropriate alphabetical sequence the following definitions \u2014 \u201c \u201ccapital redemption contract\u201d means a contract (which by its terms may be referred to as a \u201ccapital redemption contract\u201d or a \u201cfunding agreement\u201d) under which an insurer may \u2014 (a) receive and accumulate sums of money; and (b) pay a sum or sums of money or render money\u2019s worth, on dates and in amounts that are not contingent on human life or against risks of the person insured; \u201ccontract of insurance\u201d includes a capital redemption contract; and I Assent, Martyn Roper Governor Date: 24th day of June, 2022 Insurance (Amendment) Act, 2022 \u201ccontract of reinsurance\u201d includes a capital redemption contract;\u201d; and (b) in the definition of the words \u201clong term business\u201d, as follows \u2014 (i) in paragraph (b), by deleting the words \u201ctherein mentioned; and\u201d and substituting the words \u201ctherein mentioned;\u201d; (ii) in paragraph (c), by deleting the words \u201cparagraph (a) or (b);\u201d and substituting the words \u201cparagraph (a) or (b); or\u201d; and (iii) by inserting after paragraph (c) the following paragraph \u2014 \u201c(d) that are capital redemption contracts;\u201d.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Amendment of section 17 of the Insurance Act, 2010 - further provisions relating to long term business accounts 3. 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AND FOR INCIDENTAL AND CONNECTED PURPOSES\nENACTED by the Legislature of the Cayman Islands.\n1.\nShort title\n1.\nThis Act may be cited as the Insurance (Amendment) Act, 2022.\n2.\nAmendment of section 2 of the Insurance Act, 2010 - interpretation\n2.\nThe Insurance Act, 2010 is amended in section 2(1) as follows \u2014\n(a)\nby inserting in the appropriate alphabetical sequence the following\ndefinitions \u2014\n\u201c \u201ccapital redemption contract\u201d means a contract (which by its\nterms may be referred to as a \u201ccapital redemption contract\u201d or a\n\u201cfunding agreement\u201d) under which an insurer may \u2014\n(a)\nreceive and accumulate sums of money; and\n(b) pay a sum or sums of money or render money\u2019s worth,\non dates and in amounts that are not contingent on human life or\nagainst risks of the person insured;\n\u201ccontract of insurance\u201d includes a capital redemption contract; and\n(Act 5 of 2022)\nI Assent,\nMartyn Roper\nGovernor\nDate: 24th day of June, 2022\n\nSection 3\nInsurance (Amendment) Act, 2022\n\nPage 4\nAct 5 of 2022\nc\n\n\u201ccontract of reinsurance\u201d includes a capital redemption contract;\u201d;\nand\n(b) in the definition of the words \u201clong term business\u201d, as follows \u2014\n(i)\nin paragraph (b), by deleting the words \u201ctherein mentioned; and\u201d and\nsubstituting the words \u201ctherein mentioned;\u201d;\n(ii) in paragraph (c), by deleting the words \u201cparagraph (a) or (b);\u201d and\nsubstituting the words \u201cparagraph (a) or (b); or\u201d; and\n(iii) by inserting after paragraph (c) the following paragraph \u2014\n\u201c(d) that are capital redemption contracts;\u201d.\n3.\nAmendment of section 17 of the Insurance Act, 2010 - further provisions\nrelating to long term business accounts\n3.\nThe Insurance Act, 2010 is amended in section 17 as follows \u2014\n(a)\nin the chapeau, by deleting the words \u201cand contracts of insurance on\nhuman life\u201d and substituting the words \u201c, contracts of insurance on human\nlife and capital redemption contracts\u201d; and\n(b) by repealing paragraph (b) and substituting the following paragraph \u2014\n\u201c(b) subject to paragraph (a), the assets of a separate account shall include\nall premiums paid or sums of money received with respect to the\ncontract for which the separate account was established and all\ninterest, earnings and assets derived from the premiums or sums of\nmoney; and\u201d.\nPassed by the Parliament the 8th day of June, 2022.\nHon. W. McKeeva Bush\nSpeaker\nZena Merren-Chin\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:41:42.954941+00","cms_id":"2022-0005","law_type":"amending","year":"2022","number":"5","title":"Insurance (Amendment) Act, 2022 (Act 5 of 2022)","status":"in_force"},"provenance":{"files":[{"file_id":"6440","expr_id":"1599","kind":"akn_xml","filename":"2022-0005.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2022\/2022-0005\/2022-0005.akn.xml","content_md5":"4b7f8f4f253a3f0d98de44985b5621b0","byte_size":"5533","http_last_modified":null,"fetched_at":"2026-06-22 15:41:43.028906+00"},{"file_id":"3197","expr_id":"1599","kind":"pristine_pdf","filename":"2022-0005.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2022\/2022-0005\/2022-0005.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/AMENDING\/2022\/2022-0005\/2022-0005.pdf","content_md5":"fa3255e771efb146481cdb46491dea54","byte_size":"328808","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.633992+00"},{"file_id":"3198","expr_id":"1599","kind":"working_pdf","filename":"2022-0005.pdf","source_url":"\/cms\/images\/LEGISLATION\/AMENDING\/2022\/2022-0005\/2022-0005.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/AMENDING\/2022\/2022-0005\/2022-0005.pdf","content_md5":"fa3255e771efb146481cdb46491dea54","byte_size":"328808","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.633992+00"}],"paragraph_count":3,"latest_history":null},"quality":{"expr_id":"1599","doc_id":"1599","quality_state":"needs_review","quality_score":"92","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture}","finding_severity_counts":"{\"low\": 2}","finding_summary":"repeated line furniture detected: insurance amendment act 2022 x4; act 5 of 2022 x6; duplicate-line ratio is 13.85%","assessed_at":"2026-06-22 15:29:46.443178+00","updated_at":"2026-06-22 15:29:46.443178+00"}}