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These Regulations may be cited as the Insurance (Exemption) Regulations, 2004. 2. Exemption from the provisions of section 7 (1) of the Insurance Law 2. (1) Subject to paragraph (2), the association of underwriters licensed with the Authority as Lloyd\u2019s of London is exempt from the provisions of section 7 (1) of the Insurance Law (2003 Revision). (2) Lloyd\u2019s of London shall, in order to cover its liabilities in the Islands, deposit or maintain in a segregated account at a retail bank in the Islands which holds an \\\"A\\\" licence issued under the Banks and Trusts Companies Law (2003 Revision) or at some other institution approved by the Authority, cash or securities at such times, in such amounts and in such manner as may be determined by the Authority from time to time. 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Regulations\nRegulation\nPage\n1.\nCitation ......................................................................................................................................5\n2.\nExemption from the provisions of section 7 (1) of the Insurance Law .........................................5\n\nInsurance (Exemption) Regulations, 2004\nRegulation 1\n\nc\nSL 6 of 2004\nPage 5\n\nCAYMAN ISLANDS\n\nInsurance Law\nINSURANCE (EXEMPTION) REGULATIONS,\n2004\n(SL 6 of 2004)\nThe Governor, in exercise of the powers conferred by section 18 (a) and (g) of the\nInsurance Law (2003 Revision), makes the following regulations \u2014\n1.\nCitation\n1.\nThese Regulations may be cited as the Insurance (Exemption) Regulations, 2004.\n2.\nExemption from the provisions of section 7 (1) of the Insurance Law\n2.\n(1) Subject to paragraph (2), the association of underwriters licensed with the\nAuthority as Lloyd\u2019s of London is exempt from the provisions of section 7 (1)\nof the Insurance Law (2003 Revision).\n(2) Lloyd\u2019s of London shall, in order to cover its liabilities in the Islands, deposit\nor maintain in a segregated account at a retail bank in the Islands which holds\nan \"A\" licence issued under the Banks and Trusts Companies Law (2003\nRevision) or at some other institution approved by the Authority, cash or\nsecurities at such times, in such amounts and in such manner as may be\ndetermined by the Authority from time to time.\n(3) The Authority shall, in determining the amounts of cash or securities required\nunder paragraph (2), have regard to the nature and scale of the business carried\nout by Lloyd\u2019s of London in the Islands.\n\nRegulation 2\nInsurance (Exemption) Regulations, 2004\n\nPage 6\nSL 6 of 2004\nc\n\nMade in Cabinet the 8th day of June, 2004.\nCarmena Watler\nClerk of Cabinet.","akn_extracted_at":"2026-06-22 15:38:43.353508+00","cms_id":"2004-0009","law_type":"subordinate","year":"2004","number":"9","title":"Insurance (Exemption) 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