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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 (Amendment) Bill, 2017 The Insurance (Amendment) Bill, 2017 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 \u201ccorporate service provider\u201d 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 \u201ccorporate service provider\u201d 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. 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This Law may be cited as the Insurance (Amendment) Law, 2017. 2. The Insurance Law, 2010, in this Law referred to as \u201cthe principal Law\u201d, is amended in section 20(1)(e) by inserting after subparagraph (i) the following - \u201c(ia) Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016, if the licensee is a \u201ccorporate services provider\u201d as defined in that Part;\u201d. 3. The principal Law is amended in section 21(2)(g) by inserting after subparagraph (i) the following - \u201c(ia) Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016, if the licensee is a \u201ccorporate services provider\u201d as defined in that Part;\u201d. Short title Amendment of section 20 of the Insurance Law, 2010 - duties of auditor Amendment of section 21 - insurance managers The Insurance (Amendment) Bill, 2017 4. The principal Law is amended in section 24(1)(d) by deleting the word \u201cLaw\u201d and substituting the words \u201cLaw, Part XVIIA of the Companies Law (2016 Revision), Part 12 of the Limited Liability Companies Law, 2016\u201d. Passed by the Legislative Assembly the      day of                           , 2017. Speaker. Clerk of the Legislative Assembly. 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AND FOR INCIDENTAL AND CONNECTED\nPURPOSES\n\nThe Insurance (Amendment) Bill, 2017\n2\n\nThe Insurance (Amendment) Bill, 2017\n\n3\n\nTHE INSURANCE LAW (AMENDMENT) BILL, 2017\nMEMORANDUM OF OBJECTS AND REASONS\n\nThis Bill requires insurance licensees with managers providing company\nmanagement services to comply with the requirements of Part XVIIA of the\nCompanies Law (2016 Revision) and Part 12 of the Limited Liability Companies\nLaw, 2016.\nClause 1 of the Bill sets out the short title.\nClause 2 amends section 20 of the Insurance Law, 2010 to require an auditor to\ngive notice to the Authority where the auditor suspects that Part XVIIA of the\nCompanies Law (2016 Revision) or Part 12 of the Limited Liability Companies\nLaw, 2016 is being contravened by a licensee who is a \u201ccorporate service\nprovider\u201d as defined in that Part.\nClause 3 amends section 21 to require an insurance manager to give notice to the\nAuthority if the insurance manager suspects that Part XVIIA of the Companies\nLaw (2016 Revision) or Part 12 of the Limited Liability Companies Law, 2016 is\nbeing contravened by a licensee who is a \u201ccorporate service provider\u201d as defined\nin that Part.\nClause 4 amends section 24 to enable the Authority to sanction a licensee that\ncontravenes Part XVIIA of the Companies Law (2016 Revision) or Part 12 of the\nLimited Liability Companies Law, 2016.\n\nThe Insurance (Amendment) Bill, 2017\n4\n\nTHE INSURANCE (AMENDMENT) BILL, 2017\n\nARRANGEMENT OF CLAUSES\n\n1.\nShort title\n2.\nAmendment of section 20 of the Insurance Law, 2010 - duties of auditor\n3.\nAmendment of section 21 - insurance managers\n4.\nAmendment of section 24 - powers of the Authority\n\nThe Insurance (Amendment) Bill, 2017\n\n5\n\nCAYMAN ISLANDS\n\nA BILL FOR A LAW TO AMEND THE INSURANCE LAW, 2010 TO\nREQUIRE LICENSEES PROVIDING COMPANY MANAGEMENT\nSERVICES TO COMPLY WITH PART XVIIA OF THE COMPANIES\nLAW (2016 REVISION) AND PART 12 OF THE LIMITED LIABILITY\nCOMPANIES LAW, 2016; AND FOR INCIDENTAL AND CONNECTED\nPURPOSES\n\nENACTED by the Legislature of the Cayman Islands.\n1.\nThis Law may be cited as the Insurance (Amendment) Law, 2017.\n2.\nThe Insurance Law, 2010, in this Law referred to as \u201cthe principal Law\u201d, is\namended in section 20(1)(e) by inserting after subparagraph (i) the following -\n\u201c(ia) Part XVIIA of the Companies Law (2016 Revision) or Part 12 of\nthe Limited Liability Companies Law, 2016, if the licensee is a\n\u201ccorporate services provider\u201d as defined in that Part;\u201d.\n3.\nThe principal Law is amended in section 21(2)(g) by inserting after\nsubparagraph (i) the following -\n\u201c(ia) Part XVIIA of the Companies Law (2016 Revision) or Part 12 of\nthe Limited Liability Companies Law, 2016, if the licensee is a\n\u201ccorporate services provider\u201d as defined in that Part;\u201d.\nShort title\nAmendment of section\n20 of the Insurance Law,\n2010 - duties of auditor\nAmendment of section\n21 - insurance managers\n\nThe Insurance (Amendment) Bill, 2017\n6\n\n4.\nThe principal Law is amended in section 24(1)(d) by deleting the word\n\u201cLaw\u201d and substituting the words \u201cLaw, Part XVIIA of the Companies Law (2016\nRevision), Part 12 of the Limited Liability Companies Law, 2016\u201d.\n\nPassed by the Legislative Assembly the      day of                           , 2017.\n\nSpeaker.\n\nClerk of the Legislative Assembly.\nAmendment of section\n24 - powers of the\nAuthority","akn_extracted_at":"2026-06-22 15:41:09.955014+00","cms_id":"2017-0024","law_type":"bill","year":"2017","number":"24","title":"2017-0024","status":"bill"},"provenance":{"files":[{"file_id":"6932","expr_id":"2133","kind":"akn_xml","filename":"2017-0024.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2017\/2017-0024\/2017-0024.akn.xml","content_md5":"1aabe21fbd26077051d81e83fd8bfe1e","byte_size":"6567","http_last_modified":null,"fetched_at":"2026-06-22 15:41:10.011568+00"},{"file_id":"4265","expr_id":"2133","kind":"pristine_pdf","filename":"2017-0024.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2017\/2017-0024\/2017-0024.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2017\/2017-0024\/2017-0024.pdf","content_md5":"2fe6df2cc5983f0eb287173a98f5c8ec","byte_size":"102727","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.243515+00"},{"file_id":"4266","expr_id":"2133","kind":"working_pdf","filename":"2017-0024.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2017\/2017-0024\/2017-0024.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2017\/2017-0024\/2017-0024.pdf","content_md5":"2fe6df2cc5983f0eb287173a98f5c8ec","byte_size":"102727","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.243515+00"}],"paragraph_count":12,"latest_history":null},"quality":{"expr_id":"2133","doc_id":"2133","quality_state":"known_issue","quality_score":"59","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise,title_mismatch}","llm_categories":"{}","repair_actions":"{collapse_duplicate_text,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"low\": 1, \"high\": 1, \"medium\": 1}","finding_summary":"stored title is not visible in the opening extracted text; 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