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These contracts are also known as \u201cfunding agreements\u201d. Clause 1 provides the short title of the legislation. Clause 2 amends section 2 of the principal Act in order to provide, among other things, definitions for the words \u201ccapital redemption contract\u201d, \u201ccontract of insurance\u201d and \u201ccontract of reinsurance\u201d. Clause 3 amends section 17 of the principal Act to provide for the inclusion of capital redemption contracts in the further provisions relating to long term business accounts. Insurance (Amendment) Bill, 2022 Clause 1 Introduced INSURANCE (AMENDMENT) BILL, 2022 A BILL FOR AN ACT TO AMEND THE INSURANCE ACT, 2010 TO PROVIDE FOR CAPITAL REDEMPTION CONTRACTS; AND FOR INCIDENTAL AND CONNECTED PURPOSES. ENACTED by the Legislature of the Cayman Islands.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Short title 1. This Act may be cited as the Insurance (Amendment) Act, 2022.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Amendment of section 2 of the Insurance Act, 2010 - interpretation 2. 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 Clause 3 Insurance (Amendment) Bill, 2022 Introduced \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. The Insurance Act, 2010 is amended in section 17 as follows \u2014 (a) in the chapeau, by deleting the words \u201cand contracts of insurance on human life\u201d and substituting the words \u201c, contracts of insurance on human life and capital redemption contracts\u201d; and (b) by repealing paragraph (b) and substituting the following paragraph \u2014 \u201c(b) subject to paragraph (a), the assets of a separate account shall include all premiums paid or sums of money received with respect to the contract for which the separate account was established and all interest, earnings and assets derived from the premiums or sums of money; and\u201d. Passed by the Parliament the            day of                           , 2022. 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These contracts are also known as \u201cfunding agreements\u201d.\nClause 1 provides the short title of the legislation.\nClause 2 amends section 2 of the principal Act in order to provide, among other things,\ndefinitions for the words \u201ccapital redemption contract\u201d, \u201ccontract of insurance\u201d and\n\u201ccontract of reinsurance\u201d.\nClause 3 amends section 17 of the principal Act to provide for the inclusion of capital\nredemption contracts in the further provisions relating to long term business accounts.\n\nInsurance (Amendment) Bill, 2022\nClause 1\n\nc\nIntroduced\nPage 5\n\nCAYMAN ISLANDS\n\nINSURANCE (AMENDMENT) BILL, 2022\n\nA BILL FOR AN ACT TO AMEND THE INSURANCE ACT, 2010 TO PROVIDE FOR\nCAPITAL REDEMPTION CONTRACTS; AND FOR INCIDENTAL AND CONNECTED\nPURPOSES.\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\nClause 3\nInsurance (Amendment) Bill, 2022\n\nPage 6\nIntroduced\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            day of                           , 2022.\n\nSpeaker\n\nClerk of the Parliament","akn_extracted_at":"2026-06-22 15:41:16.839053+00","cms_id":"2022-0003","law_type":"bill","year":"2022","number":"3","title":"Anti-Money Laundering (Class A and Class B Bank Threshold Reporting) Regulations, 2022","status":"bill"},"provenance":{"files":[{"file_id":"7075","expr_id":"2276","kind":"akn_xml","filename":"2022-0003.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2022\/2022-0003\/2022-0003.akn.xml","content_md5":"861918c977f0c700efad0bd6832ca2fa","byte_size":"6468","http_last_modified":null,"fetched_at":"2026-06-22 15:41:16.880499+00"},{"file_id":"4551","expr_id":"2276","kind":"pristine_pdf","filename":"2022-0003.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2022\/2022-0003\/2022-0003.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/BILLS\/2022\/2022-0003\/2022-0003.pdf","content_md5":"5918aade4845a56bdec1dfd8591069ba","byte_size":"418942","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.334456+00"},{"file_id":"4552","expr_id":"2276","kind":"working_pdf","filename":"2022-0003.pdf","source_url":"\/cms\/images\/LEGISLATION\/BILLS\/2022\/2022-0003\/2022-0003.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/BILLS\/2022\/2022-0003\/2022-0003.pdf","content_md5":"5918aade4845a56bdec1dfd8591069ba","byte_size":"418942","http_last_modified":null,"fetched_at":"2026-06-16 04:01:11.334456+00"}],"paragraph_count":10,"latest_history":null},"quality":{"expr_id":"2276","doc_id":"2276","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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