{"kind":"expression","expression":{"expr_id":"90","doc_id":"90","label":"SL 88 of 2012","is_as_enacted":"t","commenced_on":null,"superseded_on":null,"valid_from":null,"valid_to":null,"is_current":"t","incorporating":null,"akn_expr_iri":"\/akn\/ky\/act\/sl\/2012\/88\/eng@2012-01-01","akn_envelope":"{\"_canary\": {\"iri\": {\"work\": \"\/akn\/ky\/act\/sl\/2012\/88\", \"expression\": \"\/akn\/ky\/act\/sl\/2012\/88\/eng@2012-01-01\", \"manifestation\": \"\/akn\/ky\/act\/sl\/2012\/88\/eng@2012-01-01.pdf\"}, \"pdf\": {\"md5\": \"1359a4913aeeb89b7f2e8e5baedee469\", \"path\": \"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2012\/2012-0088\/2012-0088_SL 88 of 2012.pdf\", \"pages\": 17, \"filename\": \"2012-0088_SL 88 of 2012.pdf\"}, \"errors\": [], \"extraction\": {\"model\": null, \"stats\": {\"word_count\": 3620, \"paragraph_count\": 16, \"text_char_count\": 24639}, \"usage\": null, \"method\": \"pymupdf-text\", \"version\": \"kyleg-akn-1.0\", \"extracted_at\": \"2026-06-22\"}, \"classification\": \"text_layer\", \"validation_flags\": [], \"docai_processor_id\": null}, \"akomaNtoso\": {\"act\": {\"body\": [{\"eId\": \"sec_n1\", \"num\": null, \"text\": \"Insurance Law, 2010 INSURANCE (CAPITAL AND SOLVENCY) (CLASS A INSURERS) REGULATIONS, (SL 83 of 2012) SL 83 of 2012 PUBLISHING DETAILS Arrangement of Regulations SL 83 of 2012 Insurance Law, 2010 INSURANCE (CAPITAL AND SOLVENCY) (CLASS A INSURERS) REGULATIONS, 2012 (SL 83 of 2012) Arrangement of Regulations Regulation 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_15\", \"num\": \"15.\", \"text\": \"SCHEDULE 1 ASSET FACTORS SCHEDULE 2 CAPITAL REQUIREMENT TEMPLATE Arrangement of Regulations SL 83 of 2012 SCHEDULE 3 MARGINS ON UNPAID CLAIMS (INCLUDING INCURRED BUT NOT REPORTED LOSSES), UNEARNED PREMIUMS AND PREMIUM DEFICIENCY Regulation 1 SL 83 of 2012 Insurance Law, 2010 INSURANCE (CAPITAL AND SOLVENCY) (CLASS A INSURERS) REGULATIONS, 2012 (SL 83 of 2012) In exercise of the powers conferred by section 40 of the Insurance Law, 2010, the Governor in Cabinet makes the following Regulations \u2014\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_1\", \"num\": \"1.\", \"text\": \"Citation 1. These Regulations may be cited as the Insurance (Capital and Solvency) (Class A Insurers) Regulations, 2012.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_2\", \"num\": \"2.\", \"text\": \"Interpretation 2. In these Regulations \u2014 \u201casset factors\u201d means factors set out in Schedule 1; \u201cavailable capital\u201d means \u2014 (a) in the case of local insurers, capital and surplus made up of \u2014 (i) issued share capital; (ii) additional paid in capital, including share premiums; (iii) retained earnings; (iv) investment reserves; (v) capital reserves; (vi) currency translation reserves; and (vii) other equity reserves; Regulation 2 SL 83 of 2012 less any deductions or accumulated deficits applicable; or (b) in the case of external insurers, total assets located in the Cayman Islands less total liabilities and any other deductions applicable relating to the Cayman risks; \u201cbank grade\u201d means bank obligations, including securities issued by, loans made to, or securities or loans guaranteed by, and accounts receivable from, any deposit taking institution licensed under the Banks and Trust Companies Law (2009 Revision) or the Building Societies Law (2010 Revision); \u201ccapital\u201d means those amounts shown in shareholder equity or equivalent section of the insurer balance sheet; \u201ccatastrophe reinsurance\u201d means the reinsurance associated with risks insured against catastrophe losses; \u201ccatastrophe risk\u201d means gross modelled loss for all risk associated with a 1in- 100-year event; \u201cCayman risk\u201d means risks related to domestic business; \u201cdeductions\u201d means the amounts to be deducted to determine the capital available and are \u2014 (a) receivables and recoverables from unlicensed insurers or re- insurers that were not highly rated reinsurers or not medium rated reinsurers as at the date of treaty inception or last renewal, whichever is later, to the extent that they are not covered by letters of credit or by deposits held as security; (b) unearned premium, unpaid claims and adjustment expenses recoverable from unlicensed insurers or reinsurers that were not highly rated reinsurers as at the date of treaty inception or last renewal, whichever is later, to the extent that they are not covered by letters of credit or by deposits held as security from the reinsurer; (c) future income tax debits; (d) goodwill and other intangible assets; (e) redeemable preference shares; (f) other deductions approved by the Authority for the purpose of these Regulations; and (g) other nonfinancial or intangible assets in excess of one per cent of total assets; \u201cenhanced prescribed capital requirement\u201d means the amount prescribed by the Authority as an alternative to the prescribed capital requirement as determined by regulation 6; \u201cgovernment grade\u201d means Government obligations, including securities issued by, loans made to, or securities or loans guaranteed by, and accounts Regulation 2 SL 83 of 2012 receivable from the government of a country rated A or equivalent, or higher in the latest rating issued by a recognized rating agency, or other rating agency approved by the Authority; \u201cgross premium written\u201d means \u2014 (a) in the case of external insurers, the gross premiums related to Cayman risks; or (b) in the case of local insurers, the gross premiums related to worldwide risk; \u201chighly rated reinsurer\u201d means reinsurance in which the counterparty is rated A- or higher or equivalent in the latest rating of a recognized rating agency or as approved by the Authority; \u201cIBNR\u201d means claims that have been incurred but not reported; \u201cinvestment grade\u201d means a security with a rating of or in excess of grade BBB or equivalent, excluding securities that are included in the government grade or bank grade; \u201cmedium rated reinsurer\u201d means reinsurance in which the counterparty is rated BBB or higher, or equivalent, in the latest rating of a recognized rating agency or as approved by the Authority; \u201cminimum capital requirement\u201d means, in respect of external insurers, the capital and margins detailed in regulation 5(2) and in respect of local insurers the capital and margins detailed in regulation 6(2); \u201cnet written premium\u201d means gross premium written, less reinsurance premium ceded; \u201cnot-investment grade\u201d means any investment not included in Government grade, bank grade or investment grade; \u201cpolicy liabilities\u201d means the sum of unearned premiums, premium deficiency, unpaid claims, and claims incurred but not yet reported, net of reinsurance and for class A insurers writing long term business, and includes loss reserves for life, pensions and annuity business; \u201cprobable maximum loss\u201d means the amount to which the insurer is exposed from a specific event as calculated using an acceptable model approved by the Authority; \u201cpremium deficiency\u201d means the excess, if any, of expected future claims, associated with unearned premiums, over unearned premiums; \u201cprescribed capital requirement\u201d or \u201cPCR\u201d means one hundred and twentyfive per cent of the minimum capital requirement for local insurers and one hundred and fifty per cent for approved external insurers; \u201crecognized rating agency\u201d means A. M. Best Company, Fitch, Moody\u2019s, Standard and Poor\u2019s, and any other agency approved by the Authority; Regulation 3 SL 83 of 2012 \u201cregulated financial institution\u201d means an entity conducting financial services business regulated in a jurisdiction, and by a body, both recognised by the Authority for the purpose of these Regulations; \u201creinsurance premium ceded\u201d means the premium ceded to reinsurers related to Cayman risk in the case of external insurers and worldwide risk in the case of locally incorporated insurers; \u201cretention\u201d means the net amount of risk which the insurer does not reinsure and keeps for its own account; \u201csubsidiary\u201d means an entity, including an unincorporated entity, that is controlled by the insurer; and \u201cworldwide risk\u201d means the entire insurance business of the insurer including its Cayman risks.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_3\", \"num\": \"3.\", \"text\": \"Application 3. These Regulations apply to class A insurers.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_4\", \"num\": \"4.\", \"text\": \"General requirements 4. (1) A class A insurer shall maintain adequate financial resources to meet its insurance business commitments and adequately manage its risks as required by the Law. (2) In accordance with section 8(2) of the Law, the capital and solvency requirements of class A insurers shall be as prescribed in regulations 5 and 6 and calculated in accordance with these Regulations.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_5\", \"num\": \"5.\", \"text\": \"External insurer trust requirements 5. (1) Pursuant to section 15 of the Law, except as otherwise approved by the Authority, a class A external insurer that carries on domestic business shall place and at all times maintain upon trust, with a person approved by the Authority, in a segregated account at a bank in the Islands which holds an \u201cA\u201d licence issued under the Banks and Trust Companies Law (2009 Revision) assets in an amount at least equal to the prescribed capital requirement. (2) The minimum capital requirement in respect of a class A insurer that is an external insurer shall be the greater of one million dollars or policy liabilities.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_6\", \"num\": \"6.\", \"text\": \"Capital requirements 6. (1) The available capital of a class A insurer that is a local insurer shall at all times exceed the minimum capital requirement. (2) The minimum capital requirement for a local insurer shall be the greater of three hundred thousand dollars or the square root of the sum of the square of \u2014 Regulation 6 SL 83 of 2012 (a) capital required for subsidiaries in accordance with regulation 7; (b) capital for assets as determined pursuant to regulation 8 and 9; (c) margins for policy liabilities as determined pursuant to regulation 10; (d) margin for catastrophes as determined pursuant to regulation 11; and (e) margin for foreign exchange risk as determined pursuant to regulation 14. (3) Unless otherwise approved by the Authority, a class A insurer\u2019s available capital shall exceed the prescribed capital requirement. (4) Notwithstanding the amounts prescribed in paragraphs (1) and (2) or regulation 5, as applicable, the Authority may set an enhanced prescribed capital requirement in respect of any class A insurer following the Authority\u2019s own inspection and review of the class A insurer and its financial condition. (5) If the Authority sets an enhanced prescribed capital requirement for an insurer pursuant to paragraph (4), the available capital of the insurer shall equal or exceed the enhanced prescribed capital requirement until such time as the Authority directs otherwise. (6) At the end of each quarter a class A insurer shall calculate, using net written premium for the twelve months ending in that quarter, and record the minimum capital requirement and prescribed capital requirement and if required the enhanced prescribed capital requirement, in the format prescribed in Schedule 2. (7) The calculations required under paragraph (6) shall \u2014 (a) in the case of a class A insurer that is a local insurer, relate to worldwide assets and liabilities; (b) in the case of a class A insurer that is an external insurer, relate to the assets and liabilities arising out of the insurer\u2019s Cayman risk. (8) The calculation required under paragraph (6) shall be maintained at the insurer\u2019s principal place of business in the Islands for a period of five years from the completion, and the insurer shall produce the calculations to the Authority if so directed by it on or before a date specified in the direction. (9) An insurer shall notify the Authority within thirty business days of the end of each quarter where it fails to meet the minimum capital requirement, prescribed capital requirement or enhanced prescribed capital requirement. (10) Where a class A insurer notifies the Authority pursuant to paragraph (9), the Authority may \u2014 (a) require the insurer to submit a remedial action plan for its approval; (b) require the insurer to provide any information or document that the Authority may direct; or (c) direct the insurer to take any action the Authority deems appropriate. Regulation 7 SL 83 of 2012 (11) Where an insurer notifies the Authority pursuant to paragraph (9), the insurer shall comply with any requirement or direction imposed by the Authority pursuant to paragraph (10) within the time period specified by the Authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_7\", \"num\": \"7.\", \"text\": \"Subsidiaries 7. (1) A class A insurer is required to hold capital for its subsidiaries equivalent to the book value of the investments in the subsidiaries or associates that are not regulated financial institutions. (2) A Class A insurer that holds a controlling interest in a subsidiary that is a regulated financial institution shall, on a consolidated basis, calculate the difference between \u2014 (a) the amount of capital the subsidiary would require to meet the minimum capital requirement if the minimum capital requirement applied to it; and (b) the capital available to the subsidiary after the subtraction of all applicable deductions. (3) Where a class A insurer owns less than one hundred per cent of the regulated financial institution subsidiary, it shall include its pro rata share of the subsidiary\u2019s capital available and capital required in the minimum capital requirement calculation. (4) In the event that the subsidiary\u2019s capital available exceeds its minimum capital requirement, the excess should be added to the capital available to the parent company. (5) In the event that the subsidiary\u2019s capital available is less than its minimum capital requirement, the shortfall shall be added to the minimum capital requirement of the parent company.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_8\", \"num\": \"8.\", \"text\": \"Applying asset factors 8. (1) To determine the amount of capital a class A insurer shall hold in respect of its assets, the insurer shall multiply the factor prescribed in Schedule 1 to the balance sheet value of each asset that is not a deduction. (2) In determining the asset factors, insurers shall consistently apply the ratings of one recognized rating agency, except where that agency does not rate a particular instrument, in which case the rating of another recognized agency may be used.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_9\", \"num\": \"9.\", \"text\": \"Capital for unpaid claims or unearned premiums recoverable 9. (1) To determine the amount of capital a class A insurer shall hold in respect of unpaid claims recoverable or deferred reinsurance premiums ceded, the insurer shall multiply the factor prescribed in Schedule 1 to the value of such recoverable. Regulation 10 SL 83 of 2012 (2) Cash or securities of government grade, bank grade or investment grade may be applied as collateral for the minimum capital requirement. (3) Where a rating is not available for the counterparty, no reduction in capital required shall be permitted.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_10\", \"num\": \"10.\", \"text\": \"Margin required for policy liabilities 10. (1) In calculating the minimum capital requirement, prescribed capital requirement, and enhanced prescribed capital requirement, where applicable, a class A insurer shall apply a margin for policy liabilities. (2) Margins for a class A insurer writing general business shall be maintained as specified in Schedule 3 for each class of business. (3) The margin for a class A insurer writing long-term business shall be maintained at a minimum of two and a half per cent of discounted policy liabilities excluding pension and annuity reserves. (4) The unearned premiums margin shall be applied to the greater of the net unearned premiums or fifty per cent of the net written premiums in the last twelve months.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_11\", \"num\": \"11.\", \"text\": \"Catastrophe margin 11. (1) A class A insurer writing general business shall apply a risk margin for all business exposed to catastrophe risks. (2) A class A insurer shall notify the Authority of which method will be employed for the calculation of its catastrophe margin and may not change methods without the prior approval of the Authority.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_12\", \"num\": \"12.\", \"text\": \"Default method 12. (1) The risk margin required by regulation 11 equals the per event excess retention for all lines exposed to catastrophe losses plus the cost of one re- instatement of catastrophe reinsurance cover in cases where the reinstatement reinsurance cover has not been pre-paid by the insurer. (2) For the purpose of this regulation, per event excess retention for a line is equal to the sum of default percentage multiplied by the catastrophe exposed gross aggregate exposure net of sums insured and placed with highly rated reinsurers, less amounts recoverable from reinsurers. (3) The default percentage shall be thirty per cent or as otherwise determined by the Authority from time to time.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_13\", \"num\": \"13.\", \"text\": \"Model-generated method 13. (1) Pursuant to regulation 11 insurers may calculate and apply a catastrophe margin using a model-generated method provided that adequate details are reported in the notes to the forms as prescribed in Schedule 2. Regulation 14 SL 83 of 2012 (2) At a minimum the model shall include windstorm and earthquake catastrophe losses results for prescribed one hundred year return period or as directed by the Authority and record \u2014 (a) gross probable maximum loss; or (b) net probable maximum loss.\", \"element\": \"section\", \"heading\": null}, {\"eId\": \"sec_14\", \"num\": \"14.\", \"text\": \"Foreign currency 14. A factor of five per cent is to be applied to the net assets or liabilities of insurers that are denominated in a currency other than Cayman Islands dollars, United States dollars or any other currency that has a fixed rate of exchange against the United States dollars. 15. Transitional provision 15. Notwithstanding any provision to the contrary in these Regulations, a licensee existing at the coming into force of these Regulations who is not in compliance with regulations 5 or 6 shall so comply within eighteen months of the coming into force of these Regulations. SCHEDULE 1 SL 83 of 2012 SCHEDULE 1 (Regulations 2, 8 and 9) ASSET FACTORS 0% Factor (a) cash and cash equivalents including time deposits and money market funds rated AA or higher; (b) investment grade obligations of government or central banks rated AA or above; (c) incoming irrevocable letters of credit where approved by the Authority; (d) loans or notes receivable where supported by irrevocable letters of credit acceptable by the Authority; (e) income tax receivables; or (f) installment premiums not yet due. 0.5% Factor (a) high investment grade bonds or paper rated AA or higher (or equivalent) ; (b) exchange rate derivative contracts, designated and accounted for as hedging, with a maturity of one year or less and interest rate derivative contracts, designated and accounted for hedging, regardless of the maturity date; (c) receivables from insurers licensed to conduct insurance business in the Cayman Islands or from highly rated reinsurers; (d) unearned premiums recoverable from insurers licensed to conduct insurance business in the Cayman Islands or from highly rated reinsurers; (e) unpaid claims and adjustment expenses recoverable from insurers licensed to conduct insurance business in the Cayman Islands or from highly rated reinsurers outstanding for less than 12 months; or (f) gold and other commodities acceptable to the Authority. SCHEDULE 1 SL 83 of 2012 2% Factor (a) bonds, and debentures (including commercial paper) rated investment or bank grade, that mature or are redeemable in less than one year; (b) accounts receivable outstanding ninety days or less from agents brokers, subsidiaries and policyholders, including installment premiums and other receivables; (c) investment income due and accrued; or (d) unpaid claims and adjustment expenses recoverable from insurers licensed to conduct insurance business in the Cayman Islands or from highly rated reinsurers outstanding for over twelve months. 4% Factor (a) term deposits, bonds, and debentures (including commercial paper) rated investment grade or bank grade, that mature or are redeemable in one year or more; (b) investment grade bonds or paper rated A (or equivalent); or (c) receivables and recoverables from medium rated reinsurers outstanding for less than twelve months. 5% Factor (a) investment grade bonds or paper rated BBB; (b) investment grade obligations of government or central bans rated BBB; (c) related party loans not yet called for; or (d) receivables and recoverables from medium rated reinsurers outstanding for 12 months or more. 10% Factor (a) common shares; (b) exchange traded funds (c) exchange traded derivatives (d) non-cumulative preference shares; (e) investments in collective investment schemes, unit trusts, hedge funds, mutual funds or other similar assets; (f) real estate; (g) mortgage-backed securities rated A or higher. SCHEDULE 1 SL 83 of 2012 15% Factor (a) commercial mortgages; (b) accounts receivable, outstanding over ninety days, from agents, brokers, subsidiaries, associates and policyholders, including installment premiums and other receivables; (c) other recoverables including salvage and subrogation on unpaid claims; (d) residential mortgages; (e) cumulative preferred shares. (f) unlisted equity securities, (g) private equity funds; (h) limited partnerships; or (i) mortgage-backed securities rated lower than A. 35% Factor (a) term deposits bonds and debentures (including commercial paper) rated not-investment grade, that mature or are redeemable in one year or more; (b) deferred policy acquisition expenses; (c) commissions, net of an adjustment for unearned commissions (net value) and if the net value is negative, report zero; (d) other intangible and nonfinancial assets up to a limit of one percent of total assets. Any excess over the limit is included in the amount deducted from capital available; or (e) other loans. SCHEDULE 2 SL 83 of 2012 SCHEDULE 2 (Regulations 6 and 13) CAPITAL REQUIREMENT TEMPLATE Capital ($'000) Capital Required for: Assets A Policy Liabilities B Subsidiaries - Regulated Financial Institution (subject to Authority approval) Catastrophes - Default Method or Model- Generated Method D Foreign Exchange Risk E Other (specify) F Total Minimum Capital Requirement (MCR) is the Square Root of (A2+B2+C2+D2+E2+F2) 1. Total Capital Available 2. Prescribed Capital Requirement (PCR) Capital in Excess of PCR (2. Minus 3.) 3. SCHEDULE 3 SL 83 of 2012 SCHEDULE 3 (Regulation 10) MARGINS ON UNPAID CLAIMS (INCLUDING INCURRED BUT NOT REPORTED LOSSES), UNEARNED PREMIUMS AND PREMIUM DEFICIENCY Margin on Net Unearned Premiums Margin on Net Unpaid Claims and IBNR Net Premium Deficiency Reserve Property 10% 10% 10% Liability 10% 20% 10% Motor vehicle 10% 10% 10% All other 20% 20% 20% Made in Cabinet the 12th day of December, 2012. Kim Bullings Clerk of the Cabinet.\", \"element\": \"section\", \"heading\": null}], \"meta\": {\"notes\": null, \"workflow\": null, \"lifecycle\": {\"source\": \"#cilegis\", \"eventRef\": [{\"eId\": \"e_commence_2012_01_01\", \"date\": \"2012-01-01\", \"type\": \"generation\", \"source\": \"#cilegis\"}]}, \"references\": {\"source\": \"#canary\", \"TLCRole\": [], \"TLCEvent\": [{\"eId\": \"ev_commencement\", \"href\": \"\/akn\/ontology\/canary\/event\/commencement\", \"showAs\": \"commencement\"}], \"TLCPerson\": [], \"TLCConcept\": [{\"eId\": \"inForce\", \"href\": \"\/akn\/ontology\/canary\/concept\/temporal\/in-force\", \"showAs\": \"in force\"}], \"TLCProcess\": [], \"TLCLocation\": [], \"TLCOrganization\": [{\"eId\": \"cilegis\", \"href\": \"\/akn\/ontology\/canary\/organization\/editor\/cilegis\", \"showAs\": \"Cayman Islands legislation mirror (kyleg)\"}]}, \"temporalData\": {\"source\": \"#cilegis\", \"temporalGroup\": [{\"eId\": \"tg_inforce_2012_01_01\", \"timeInterval\": 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Regulations\n\nc\nSL 83 of 2012\nPage 3\n\nCAYMAN ISLANDS\n\nInsurance Law, 2010\nINSURANCE (CAPITAL AND SOLVENCY)\n(CLASS A INSURERS) REGULATIONS, 2012\n(SL 83 of 2012)\nArrangement of Regulations\nRegulation\nPage\n1.\nCitation ......................................................................................................................................5\n2.\nInterpretation .............................................................................................................................5\n3.\nApplication .................................................................................................................................8\n4.\nGeneral requirements ................................................................................................................8\n5.\nExternal insurer trust requirements ............................................................................................8\n6.\nCapital requirements ..................................................................................................................8\n7.\nSubsidiaries ............................................................................................................................. 10\n8.\nApplying asset factors .............................................................................................................. 10\n9.\nCapital for unpaid claims or unearned premiums recoverable .................................................. 10\n10.\nMargin required for policy liabilities .......................................................................................... 11\n11.\nCatastrophe margin ................................................................................................................. 11\n12.\nDefault method ........................................................................................................................ 11\n13.\nModel-generated method ......................................................................................................... 11\n14.\nForeign currency ...................................................................................................................... 12\n15.\nTransitional provision ............................................................................................................... 12\nSCHEDULE 1\n13\nASSET FACTORS\n13\nSCHEDULE 2\n16\nCAPITAL REQUIREMENT TEMPLATE\n16\n\nArrangement of Regulations\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\n\nPage 4\nSL 83 of 2012\nc\n\nSCHEDULE 3\n17\nMARGINS ON UNPAID CLAIMS (INCLUDING INCURRED BUT NOT REPORTED LOSSES),\nUNEARNED PREMIUMS AND PREMIUM DEFICIENCY\n17\n\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\nRegulation 1\n\nc\nSL 83 of 2012\nPage 5\n\nCAYMAN ISLANDS\n\nInsurance Law, 2010\nINSURANCE (CAPITAL AND SOLVENCY)\n(CLASS A INSURERS) REGULATIONS, 2012\n(SL 83 of 2012)\nIn exercise of the powers conferred by section 40 of the Insurance Law, 2010, the\nGovernor in Cabinet makes the following Regulations \u2014\n1.\nCitation\n1.\nThese Regulations may be cited as the Insurance (Capital and Solvency) (Class A\nInsurers) Regulations, 2012.\n2.\nInterpretation\n2.\nIn these Regulations \u2014\n\u201casset factors\u201d means factors set out in Schedule 1;\n\u201cavailable capital\u201d means \u2014\n(a)\nin the case of local insurers, capital and surplus made up of \u2014\n(i)\nissued share capital;\n(ii) additional paid in capital, including share premiums;\n(iii) retained earnings;\n(iv) investment reserves;\n(v) capital reserves;\n(vi) currency translation reserves; and\n(vii) other equity reserves;\n\nRegulation 2\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\n\nPage 6\nSL 83 of 2012\nc\n\nless any deductions or accumulated deficits applicable; or\n(b) in the case of external insurers, total assets located in the Cayman Islands\nless total liabilities and any other deductions applicable relating to the\nCayman risks;\n\u201cbank grade\u201d means bank obligations, including securities issued by, loans\nmade to, or securities or loans guaranteed by, and accounts receivable from,\nany deposit taking institution licensed under the Banks and Trust Companies\nLaw (2009 Revision) or the Building Societies Law (2010 Revision);\n\u201ccapital\u201d means those amounts shown in shareholder equity or equivalent\nsection of the insurer balance sheet;\n\u201ccatastrophe reinsurance\u201d means the reinsurance associated with risks\ninsured against catastrophe losses;\n\u201ccatastrophe risk\u201d means gross modelled loss for all risk associated with a 1in- 100-year event;\n\u201cCayman risk\u201d means risks related to domestic business;\n\u201cdeductions\u201d means the amounts to be deducted to determine the capital\navailable and are \u2014\n(a)\nreceivables and recoverables from unlicensed insurers or re- insurers that\nwere not highly rated reinsurers or not medium rated reinsurers as at the\ndate of treaty inception or last renewal, whichever is later, to the extent\nthat they are not covered by letters of credit or by deposits held as\nsecurity;\n(b) unearned premium, unpaid claims and adjustment expenses recoverable\nfrom unlicensed insurers or reinsurers that were not highly rated\nreinsurers as at the date of treaty inception or last renewal, whichever is\nlater, to the extent that they are not covered by letters of credit or by\ndeposits held as security from the reinsurer;\n(c)\nfuture income tax debits;\n(d) goodwill and other intangible assets;\n(e)\nredeemable preference shares;\n(f)\nother deductions approved by the Authority for the purpose of these\nRegulations; and\n(g) other nonfinancial or intangible assets in excess of one per cent of total\nassets;\n\u201cenhanced prescribed capital requirement\u201d means the amount prescribed by\nthe Authority as an alternative to the prescribed capital requirement as\ndetermined by regulation 6;\n\u201cgovernment grade\u201d means Government obligations, including securities\nissued by, loans made to, or securities or loans guaranteed by, and accounts\n\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\nRegulation 2\n\nc\nSL 83 of 2012\nPage 7\n\nreceivable from the government of a country rated A or equivalent, or higher\nin the latest rating issued by a recognized rating agency, or other rating agency\napproved by the Authority;\n\u201cgross premium written\u201d means \u2014\n(a)\nin the case of external insurers, the gross premiums related to Cayman\nrisks; or\n(b) in the case of local insurers, the gross premiums related to\nworldwide risk;\n\u201chighly rated reinsurer\u201d means reinsurance in which the counterparty is rated\nA- or higher or equivalent in the latest rating of a recognized rating agency or\nas approved by the Authority;\n\u201cIBNR\u201d means claims that have been incurred but not reported;\n\u201cinvestment grade\u201d means a security with a rating of or in excess of grade\nBBB or equivalent, excluding securities that are included in the government\ngrade or bank grade;\n\u201cmedium rated reinsurer\u201d means reinsurance in which the counterparty is\nrated BBB or higher, or equivalent, in the latest rating of a recognized rating\nagency or as approved by the Authority;\n\u201cminimum capital requirement\u201d means, in respect of external insurers, the\ncapital and margins detailed in regulation 5(2) and in respect of local insurers\nthe capital and margins detailed in regulation 6(2);\n\u201cnet written premium\u201d means gross premium written, less reinsurance\npremium ceded;\n\u201cnot-investment grade\u201d means any investment not included in Government\ngrade, bank grade or investment grade;\n\u201cpolicy liabilities\u201d means the sum of unearned premiums, premium\ndeficiency, unpaid claims, and claims incurred but not yet reported, net of\nreinsurance and for class A insurers writing long term business, and includes\nloss reserves for life, pensions and annuity business;\n\u201cprobable maximum loss\u201d means the amount to which the insurer is exposed\nfrom a specific event as calculated using an acceptable model approved by the\nAuthority;\n\u201cpremium deficiency\u201d means the excess, if any, of expected future claims,\nassociated with unearned premiums, over unearned premiums;\n\u201cprescribed capital requirement\u201d or \u201cPCR\u201d means one hundred and twentyfive per cent of the minimum capital requirement for local insurers and one\nhundred and fifty per cent for approved external insurers;\n\u201crecognized rating agency\u201d means A. M. Best Company, Fitch, Moody\u2019s,\nStandard and Poor\u2019s, and any other agency approved by the Authority;\n\nRegulation 3\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\n\nPage 8\nSL 83 of 2012\nc\n\n\u201cregulated financial institution\u201d means an entity conducting financial\nservices business regulated in a jurisdiction, and by a body, both recognised by\nthe Authority for the purpose of these Regulations;\n\u201creinsurance premium ceded\u201d means the premium ceded to reinsurers\nrelated to Cayman risk in the case of external insurers and worldwide risk in\nthe case of locally incorporated insurers;\n\u201cretention\u201d means the net amount of risk which the insurer does not reinsure\nand keeps for its own account;\n\u201csubsidiary\u201d means an entity, including an unincorporated entity, that is\ncontrolled by the insurer; and\n\u201cworldwide risk\u201d means the entire insurance business of the insurer including\nits Cayman risks.\n3.\nApplication\n3.\nThese Regulations apply to class A insurers.\n4.\nGeneral requirements\n4.\n(1) A class A insurer shall maintain adequate financial resources to meet its\ninsurance business commitments and adequately manage its risks as required\nby the Law.\n(2) In accordance with section 8(2) of the Law, the capital and solvency\nrequirements of class A insurers shall be as prescribed in regulations 5 and 6\nand calculated in accordance with these Regulations.\n5.\nExternal insurer trust requirements\n5.\n(1) Pursuant to section 15 of the Law, except as otherwise approved by the\nAuthority, a class A external insurer that carries on domestic business shall\nplace and at all times maintain upon trust, with a person approved by the\nAuthority, in a segregated account at a bank in the Islands which holds an \u201cA\u201d\nlicence issued under the Banks and Trust Companies Law (2009 Revision)\nassets in an amount at least equal to the prescribed capital requirement.\n(2) The minimum capital requirement in respect of a class A insurer that is an\nexternal insurer shall be the greater of one million dollars or policy liabilities.\n6.\nCapital requirements\n6.\n(1) The available capital of a class A insurer that is a local insurer shall at all times\nexceed the minimum capital requirement.\n(2) The minimum capital requirement for a local insurer shall be the greater of\nthree hundred thousand dollars or the square root of the sum of the\nsquare of \u2014\n\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\nRegulation 6\n\nc\nSL 83 of 2012\nPage 9\n\n(a)\ncapital required for subsidiaries in accordance with regulation 7;\n(b) capital for assets as determined pursuant to regulation 8 and 9;\n(c)\nmargins for policy liabilities as determined pursuant to regulation 10;\n(d) margin for catastrophes as determined pursuant to regulation 11; and\n(e)\nmargin for foreign exchange risk as determined pursuant to regulation 14.\n(3) Unless otherwise approved by the Authority, a class A insurer\u2019s available\ncapital shall exceed the prescribed capital requirement.\n(4) Notwithstanding the amounts prescribed in paragraphs (1) and (2) or\nregulation 5, as applicable, the Authority may set an enhanced prescribed\ncapital requirement in respect of any class A insurer following the Authority\u2019s\nown inspection and review of the class A insurer and its financial condition.\n(5) If the Authority sets an enhanced prescribed capital requirement for an insurer\npursuant to paragraph (4), the available capital of the insurer shall equal or\nexceed the enhanced prescribed capital requirement until such time as the\nAuthority directs otherwise.\n(6) At the end of each quarter a class A insurer shall calculate, using net written\npremium for the twelve months ending in that quarter, and record the\nminimum capital requirement and prescribed capital requirement and if\nrequired the enhanced prescribed capital requirement, in the format prescribed\nin Schedule 2.\n(7) The calculations required under paragraph (6) shall \u2014\n(a)\nin the case of a class A insurer that is a local insurer, relate to worldwide\nassets and liabilities;\n(b) in the case of a class A insurer that is an external insurer, relate to the\nassets and liabilities arising out of the insurer\u2019s Cayman risk.\n(8) The calculation required under paragraph (6) shall be maintained at the\ninsurer\u2019s principal place of business in the Islands for a period of five years\nfrom the completion, and the insurer shall produce the calculations to the\nAuthority if so directed by it on or before a date specified in the direction.\n(9) An insurer shall notify the Authority within thirty business days of the end of\neach quarter where it fails to meet the minimum capital requirement,\nprescribed capital requirement or enhanced prescribed capital requirement.\n(10) Where a class A insurer notifies the Authority pursuant to paragraph (9), the\nAuthority may \u2014\n(a)\nrequire the insurer to submit a remedial action plan for its approval;\n(b) require the insurer to provide any information or document that the\nAuthority may direct; or\n(c)\ndirect the insurer to take any action the Authority deems appropriate.\n\nRegulation 7\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\n\nPage 10\nSL 83 of 2012\nc\n\n(11) Where an insurer notifies the Authority pursuant to paragraph (9), the insurer\nshall comply with any requirement or direction imposed by the Authority\npursuant to paragraph (10) within the time period specified by the Authority.\n7.\nSubsidiaries\n7.\n(1) A class A insurer is required to hold capital for its subsidiaries equivalent to\nthe book value of the investments in the subsidiaries or associates that are not\nregulated financial institutions.\n(2) A Class A insurer that holds a controlling interest in a subsidiary that is a\nregulated financial institution shall, on a consolidated basis, calculate the\ndifference between \u2014\n(a)\nthe amount of capital the subsidiary would require to meet the minimum\ncapital requirement if the minimum capital requirement applied to it; and\n(b) the capital available to the subsidiary after the subtraction of all\napplicable deductions.\n(3) Where a class A insurer owns less than one hundred per cent of the regulated\nfinancial institution subsidiary, it shall include its pro rata share of the\nsubsidiary\u2019s capital available and capital required in the minimum capital\nrequirement calculation.\n(4) In the event that the subsidiary\u2019s capital available exceeds its minimum capital\nrequirement, the excess should be added to the capital available to the parent\ncompany.\n(5) In the event that the subsidiary\u2019s capital available is less than its minimum\ncapital requirement, the shortfall shall be added to the minimum capital\nrequirement of the parent company.\n8.\nApplying asset factors\n8.\n(1) To determine the amount of capital a class A insurer shall hold in respect of its\nassets, the insurer shall multiply the factor prescribed in Schedule 1 to the\nbalance sheet value of each asset that is not a deduction.\n(2) In determining the asset factors, insurers shall consistently apply the ratings of\none recognized rating agency, except where that agency does not rate a\nparticular instrument, in which case the rating of another recognized agency\nmay be used.\n9.\nCapital for unpaid claims or unearned premiums recoverable\n9.\n(1) To determine the amount of capital a class A insurer shall hold in respect of\nunpaid claims recoverable or deferred reinsurance premiums ceded, the insurer\nshall multiply the factor prescribed in Schedule 1 to the value of such\nrecoverable.\n\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\nRegulation 10\n\nc\nSL 83 of 2012\nPage 11\n\n(2) Cash or securities of government grade, bank grade or investment grade may\nbe applied as collateral for the minimum capital requirement.\n(3) Where a rating is not available for the counterparty, no reduction in capital\nrequired shall be permitted.\n10.\nMargin required for policy liabilities\n10. (1) In calculating the minimum capital requirement, prescribed capital\nrequirement, and enhanced prescribed capital requirement, where applicable, a\nclass A insurer shall apply a margin for policy liabilities.\n(2) Margins for a class A insurer writing general business shall be maintained as\nspecified in Schedule 3 for each class of business.\n(3) The margin for a class A insurer writing long-term business shall be\nmaintained at a minimum of two and a half per cent of discounted policy\nliabilities excluding pension and annuity reserves.\n(4) The unearned premiums margin shall be applied to the greater of the net\nunearned premiums or fifty per cent of the net written premiums in the last\ntwelve months.\n11.\nCatastrophe margin\n11. (1) A class A insurer writing general business shall apply a risk margin for all\nbusiness exposed to catastrophe risks.\n(2) A class A insurer shall notify the Authority of which method will be employed\nfor the calculation of its catastrophe margin and may not change methods\nwithout the prior approval of the Authority.\n12.\nDefault method\n12. (1) The risk margin required by regulation 11 equals the per event excess retention\nfor all lines exposed to catastrophe losses plus the cost of one re- instatement\nof catastrophe reinsurance cover in cases where the reinstatement reinsurance\ncover has not been pre-paid by the insurer.\n(2) For the purpose of this regulation, per event excess retention for a line is equal\nto the sum of default percentage multiplied by the catastrophe exposed gross\naggregate exposure net of sums insured and placed with highly rated\nreinsurers, less amounts recoverable from reinsurers.\n(3) The default percentage shall be thirty per cent or as otherwise determined by\nthe Authority from time to time.\n13.\nModel-generated method\n13. (1) Pursuant to regulation 11 insurers may calculate and apply a catastrophe\nmargin using a model-generated method provided that adequate details are\nreported in the notes to the forms as prescribed in Schedule 2.\n\nRegulation 14\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\n\nPage 12\nSL 83 of 2012\nc\n\n(2) At a minimum the model shall include windstorm and earthquake catastrophe\nlosses results for prescribed one hundred year return period or as directed by\nthe Authority and record \u2014\n(a)\ngross probable maximum loss; or\n(b) net probable maximum loss.\n14.\nForeign currency\n14. A factor of five per cent is to be applied to the net assets or liabilities of insurers that\nare denominated in a currency other than Cayman Islands dollars, United States\ndollars or any other currency that has a fixed rate of exchange against the United\nStates dollars.\n15.\nTransitional provision\n15. Notwithstanding any provision to the contrary in these Regulations, a licensee\nexisting at the coming into force of these Regulations who is not in compliance with\nregulations 5 or 6 shall so comply within eighteen months of the coming into force\nof these Regulations.\n\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\nSCHEDULE 1\n\nc\nSL 83 of 2012\nPage 13\n\n SCHEDULE 1\n(Regulations 2, 8 and 9)\nASSET FACTORS\n\n0% Factor\n(a)\ncash and cash equivalents including time deposits and money\nmarket funds rated AA or higher;\n(b) investment grade obligations of government or central banks\nrated AA or above;\n(c)\nincoming irrevocable letters of credit where approved by the\nAuthority;\n(d) loans or notes receivable where supported by irrevocable\nletters of credit acceptable by the Authority;\n(e)\nincome tax receivables; or\n(f)\ninstallment premiums not yet due.\n0.5% Factor\n(a)\nhigh investment grade bonds or paper rated AA or higher (or\nequivalent) ;\n(b) exchange rate derivative contracts, designated and accounted\nfor as hedging, with a maturity of one year or less and interest\nrate derivative contracts, designated and accounted for\nhedging, regardless of the maturity date;\n(c)\nreceivables from insurers licensed to conduct insurance\nbusiness in the Cayman Islands or from highly rated\nreinsurers;\n(d) unearned premiums recoverable from insurers licensed to\nconduct insurance business in the Cayman Islands or from\nhighly rated reinsurers;\n(e)\nunpaid claims and adjustment expenses recoverable from\ninsurers licensed to conduct insurance business in the Cayman\nIslands or from highly rated reinsurers outstanding for less\nthan 12 months; or\n(f)\ngold and other commodities acceptable to the Authority.\n\nSCHEDULE 1\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\n\nPage 14\nSL 83 of 2012\nc\n\n2% Factor\n(a)\nbonds, and debentures (including commercial paper) rated\ninvestment or bank grade, that mature or are redeemable in\nless than one year;\n(b) accounts receivable outstanding ninety days or less from\nagents brokers, subsidiaries and policyholders, including\ninstallment premiums and other receivables;\n(c)\ninvestment income due and accrued; or\n(d) unpaid claims and adjustment expenses recoverable from\ninsurers licensed to conduct insurance business in the Cayman\nIslands or from highly rated reinsurers outstanding for over\ntwelve months.\n4% Factor\n(a)\nterm deposits, bonds, and debentures (including commercial\npaper) rated investment grade or bank grade, that mature or are\nredeemable in one year or more;\n(b) investment grade bonds or paper rated A (or equivalent); or\n(c)\nreceivables and recoverables from medium rated reinsurers\noutstanding for less than twelve months.\n5% Factor\n(a)\ninvestment grade bonds or paper rated BBB;\n(b) investment grade obligations of government or central bans\nrated BBB;\n(c)\nrelated party loans not yet called for; or\n(d) receivables and recoverables from medium rated reinsurers\noutstanding for 12 months or more.\n10% Factor\n(a)\ncommon shares;\n(b) exchange traded funds\n(c)\nexchange traded derivatives\n(d) non-cumulative preference shares;\n(e)\ninvestments in collective investment schemes, unit trusts,\nhedge funds, mutual funds or other similar assets;\n(f)\nreal estate;\n(g) mortgage-backed securities rated A or higher.\n\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\nSCHEDULE 1\n\nc\nSL 83 of 2012\nPage 15\n\n15% Factor\n(a)\ncommercial mortgages;\n(b) accounts receivable, outstanding over ninety days, from\nagents, brokers, subsidiaries, associates and policyholders,\nincluding installment premiums and other receivables;\n(c)\nother recoverables including salvage and subrogation on\nunpaid claims;\n(d) residential mortgages;\n(e)\ncumulative preferred shares.\n(f)\nunlisted equity securities,\n(g) private equity funds;\n(h) limited partnerships; or\n(i)\nmortgage-backed securities rated lower than A.\n35% Factor\n(a)\nterm deposits bonds and debentures (including commercial\npaper) rated not-investment grade, that mature or are\nredeemable in one year or more;\n(b) deferred policy acquisition expenses;\n(c)\ncommissions, net of an adjustment for unearned commissions\n(net value) and if the net value is negative, report zero;\n(d) other intangible and nonfinancial assets up to a limit of one\npercent of total assets. Any excess over the limit is included in\nthe amount deducted from capital available; or\n(e)\nother loans.\n\nSCHEDULE 2\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\n\nPage 16\nSL 83 of 2012\nc\n\nSCHEDULE 2\n(Regulations 6 and 13)\nCAPITAL REQUIREMENT TEMPLATE\n\nCapital\n($'000)\nCapital Required for:\nAssets\nA\nPolicy Liabilities\nB\nSubsidiaries - Regulated Financial Institution\n(subject to Authority approval)\nC\nCatastrophes - Default Method or Model-\nGenerated Method\nD\nForeign Exchange Risk\nE\nOther (specify)\nF\nTotal Minimum Capital Requirement (MCR)\nis the Square Root of (A2+B2+C2+D2+E2+F2)\n1.\nTotal Capital Available\n2.\nPrescribed Capital Requirement (PCR) Capital in\nExcess of PCR (2. Minus 3.)\n3.\n\nInsurance (Capital and Solvency) (Class A Insurers) Regulations, 2012\nSCHEDULE 3\n\nc\nSL 83 of 2012\nPage 17\n\nSCHEDULE 3\n(Regulation 10)\nMARGINS ON UNPAID CLAIMS (INCLUDING INCURRED BUT NOT\nREPORTED LOSSES), UNEARNED PREMIUMS AND PREMIUM\nDEFICIENCY\n\nMargin\non\nNet\nUnearned\nPremiums\nMargin\non\nNet\nUnpaid Claims and\nIBNR\nNet\nPremium\nDeficiency\nReserve\nProperty\n10%\n10%\n10%\nLiability\n10%\n20%\n10%\nMotor vehicle\n10%\n10%\n10%\nAll other\n20%\n20%\n20%\nMade in Cabinet the 12th day of December, 2012.\nKim Bullings\nClerk of the Cabinet.","akn_extracted_at":"2026-06-22 15:38:43.171483+00","cms_id":"2012-0088","law_type":"subordinate","year":"2012","number":"88","title":"Insurance (Capital and Solvency) (Class A Insurers) Regulations","status":"in_force"},"provenance":{"files":[{"file_id":"4894","expr_id":"90","kind":"akn_xml","filename":"2012-0088_SL 88 of 2012.akn.xml","source_url":null,"storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2012\/2012-0088\/2012-0088_SL 88 of 2012.akn.xml","content_md5":"bba494baa3810772eafcc6f184e6e414","byte_size":"25718","http_last_modified":null,"fetched_at":"2026-06-22 15:38:43.318839+00"},{"file_id":"179","expr_id":"90","kind":"pristine_pdf","filename":"2012-0088_SL 88 of 2012.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2012\/2012-0088\/2012-0088_SL 88 of 2012.pdf","storage_path":"\/Users\/q\/kyleg-data\/pristine\/SUBORDINATE\/2012\/2012-0088\/2012-0088_SL 88 of 2012.pdf","content_md5":"1359a4913aeeb89b7f2e8e5baedee469","byte_size":"418346","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.652831+00"},{"file_id":"180","expr_id":"90","kind":"working_pdf","filename":"2012-0088_SL 88 of 2012.pdf","source_url":"\/cms\/images\/LEGISLATION\/SUBORDINATE\/2012\/2012-0088\/2012-0088_SL 88 of 2012.pdf","storage_path":"\/Users\/q\/kyleg-data\/working\/SUBORDINATE\/2012\/2012-0088\/2012-0088_SL 88 of 2012.pdf","content_md5":"1359a4913aeeb89b7f2e8e5baedee469","byte_size":"418346","http_last_modified":null,"fetched_at":"2026-06-21 23:09:35.652831+00"}],"paragraph_count":7,"latest_history":null},"quality":{"expr_id":"90","doc_id":"90","quality_state":"needs_review","quality_score":"84","needs_human_review":"t","deterministic_categories":"{duplicate_text,page_header_footer_noise}","llm_categories":"{title_mismatch,truncated_text}","repair_actions":"{collapse_duplicate_text,reextract_full_text,strip_page_furniture,verify_title_metadata}","finding_severity_counts":"{\"medium\": 2}","finding_summary":"Metadata label mismatch and possible mid\u2011document truncation require review before final data acceptance.","assessed_at":"2026-06-22 15:29:45.717123+00","updated_at":"2026-06-22 15:29:45.717123+00"}}