Insurance (Applications and Fees) Regulations

PUBLISHING DETAILS

Revised under the authority of the Law Revision Act (2020 Revision).

The Insurance (Applications and Fees) Regulations, 2012 made the 27th November, 2012, as amended by the Citation of Acts of Parliament Act, 2020, and consolidated with —

Insurance (Applications and Fees) (Amendment) Regulations, 2013 made 3rd September, 2013 Insurance (Applications and Fees) (Amendment) Regulations, 2024 made 17th December, 2024.

Consolidated and revised this 31st day of December, 2025.

Regulation FORMS FORM 1 - APPLICATION FOR A CLASS “A” INSURER’S LICENCE - APPROVED EXTERNAL FORM 2 - APPLICATION FOR A CLASS “A” INSURER’S LICENCE - LOCALLY

LICENCE FEES AND ANNUAL FEES PART 1 PART 2 Application fees and annual fees relating to persons registered under the principal Act who do

Regulation 1

Citation These Regulations may be cited as the Insurance (Applications and Fees) Regulations Interpretation In these Regulations — “manager” means a person, other than the approved insurance manager who handles, controls or directs the business operations of an insurer; “principal Act” means the Insurance Act [Law 32 of 2010] (as amended). Application for licence (1) An application for a licence under section 4 of the principal Act shall be in the form prescribed in Schedule 1 and the information to accompany the application shall be as set out in Schedule 1. (2) The Authority may require an applicant to provide supplementary information on or clarification of the information initially provided in the application.

Regulation 4

Fees (1) For the purposes of section 4(2)(b) of the Act, the prescribed nonrefundable application fee for a licence is set out in column 3 of the table in Part 1 of (2) For the purposes of section 7(1) of the Act, and subject to paragraphs (5) and (7), the prescribed annual fee for a licence is set out in column 4 of the table in Part 1 of Schedule 2. (3) For the purposes of section 28B(1)(b)(iii) of the Act, the prescribed nonrefundable application fee for a person registered under the principal Act and in respect of whom a licence is not required to carry on insurance business is set out in column 3 of the table in Part 2 of Schedule 2. (4) For the purposes of section 7(1A) of the Act, and subject to paragraphs (5) and (7), the prescribed annual fee for a person registered under the principal Act and in respect of whom a licence is not required to carry on insurance business is set out in column 4 of the table in Part 2 of Schedule 2. (5) If the Authority is satisfied that — (a) a licensee holding a Class A, Class B, Class C or Class D insurer licence; or (b) a person registered under the principal Act and in respect of whom a licence is not required to carry on insurance business,

has, prior to the date on which the relevant annual fee becomes payable, ceased carrying on any insurance business other than that necessary to enable the performance of any obligations the licensee or the registered person has under any contracts of insurance in force at that date, the annual fee payable by the licensee or the registered person is the equivalent of fifty per cent of the relevant annual fee referred to in paragraph (2) or (4), respectively. (6) The relevant annual fee referred to in paragraph (2) or (4), as applicable, becomes immediately due and payable if the licensee or the registered person under paragraph (5) effects any new contracts of insurance during the year to which the annual fee relates. (7) If an application for a Class A, Class B, Class C or Class D insurer licence is granted in the month of December or a person is registered to carry on insurance business without requiring a licence to carry on such business in the month of December, the annual fee payable by the licensee or registered person for the year in which the licence or registration is granted is the equivalent of onetwelfth of the relevant annual fee referred to in paragraph (2) or (4), respectively.

Regulation 5

Non-insurance business Unless a person would otherwise be regarded as carrying on insurance business but for this regulation such person shall not be considered to carry on insurance business solely by reason of the fact that that person effects or carries out any contract (including, without limitation, an option contract, credit default swap contract, total return swap contract, futures contract, forward contract, swap contract, derivative contract, and a contract for differences or security) the purpose of which is to secure a profit or avoid a loss by reference to — (a) fluctuations in the value or price of property of any description; or (b) an index or other factor, or the occurrence of a particular event, specified for that purpose in the contract, and in either case where such contract is entered into on the basis that the obligation of one party to pay the other party is not contingent, whether that be express or implied, upon the other party suffering a loss or otherwise being exposed to the risk of loss in relation to the subject matter of such contract.

(regulation 3) FORMS

FORM 2 FORM 1 - APPLICATION FOR A CLASS “A” INSURER’S LICENCE - APPROVED EXTERNAL INSURER - SECTION 4 A1 A2 A3

A4 Business transacted: proposed to be Or A5 A6 List all Cayman Islands licences held by the Insurance Group, if any, including issued exemptions from licensing. A7 Provide details of all other business (not listed above, including non- financial business) carried on or to be carried on from within the Cayman Islands by the applicant or by the group to which it belongs, if any.

A8 which it belongs, if any, currently conducts insurance business. A9 which it belongs, if any, has previously conducted insurance business. A10 B1 Attach the following for the company and if applicable the insurance group: i. Latest annual report and audited annual accounts for the three years preceding. ii. The organisational structure of the insurance group. iii. Written confirmation signed by the Directors that the company is solvent in the home jurisdiction, including in the case of an insurance group, a statement of solvency of the group as a whole. B2 Attach details, including Letters of Good Standing from the relevant regulatory body in respect of all lines of business, of all jurisdictions in which the company currently conducts business. B3 Attach a copy of the act, charter, certificate of incorporation and memorandum of association and articles of association or other instrument of constitution of the applicant, as may be appropriate. B4 addresses, details of percentages of shareholdings and nationalities of all shareholders. (The Authority may ask for further information especially for shareholders holding above 10%). In those instances where shares are held by a corporate body or bodies, include the chain of connection to the ultimate owner.

B5 more than ten percent of the applicant’s issued share capital or total voting rights, attach the annual accounts, for the two years preceding the year of application, together with similar accounts for the parent body, if any, of each such body corporate. B6 person holding more than 10% of the applicant’s issued share capital or total voting rights attach: i. ii. character references and one reference verifying good iii. C1 Name and address of person resident in the Cayman Islands who is authorised to accept service of process in legal proceedings and notices on behalf of the applicant.

C2 If underwriting long-term business, the name and address of the antimoney laundering reporting officer and compliance officer. C3 services with respect to the conduct of its business in the Cayman Islands, give details of such companies, including evidence of their agreement to prove the services mentioned. C4 Attach a list of all insurance agents and insurance brokers with whom the applicant intends to do business, if known at the time of application. Attach any draft brokerage agreements.

C5 C6 C7 D1

D2

D3 Attach details of signatories with corresponding signing authorities under the company’s bank mandate in the Cayman Islands. Attach a three year business plan for the insurance business to be transacted in the Cayman Islands containing: E1 Rationale for carrying on insurance business in the Cayman Islands, including short-term and long-term objectives. E2 Reports of any feasibility studies carried out to support business plan. E3 E4 Classes of insurance to be written including proposed levels of retention, cessions/limits and programme aggregates, if applicable, by class of business. E5

E6 Copy of policy forms and wordings in respect of products sold. E7 Reinsurance programme structure with comprehensive evidence to support the proposed cessions and limits with respect to solvency margins. E8 Underwriting procedures, guidelines and authorities (including pricing policies). E9 Claims management procedures. E10 identifying assumptions and including stress testing where appropriate, to include: i. ii. iii Statement of solvency at each year-end; statement for long- term business (approved by an actuary); iv. Details, if applicable, of any proposed portfolio assumption together with the basis for actuarial valuation of the transfer. E11 E12 E13 Details and statement of adequacy of domestic operational resources, in particular staff qualifications and experience and information systems including disaster recovery and business continuity E14 Information about contracts with affiliates and outsourcing E15 Corporate governance policy and internal controls to be implemented, including reporting arrangements and AML/CFT where applicable.

Domestic Policyholder Protection F1 Name and address of trustee in the Islands to be appointed under the Insurance Act.

F2 Attach a copy of the proposed trust agreement.

F3 Name and address of the bank holding

An “A” licence, issued under the Banks and Trust Companies Act, where trust assets are to be maintained.

F4 Any other parties providing services in relation to the policyholder protection

F5 Attach copies of the agreements between the parties in relation to the policyholder protection arrangements.

F6 Attach a written undertaking, signed by the Directors, to comply with the liability support requirements of the Insurance Act.

PART G _______________________________________________________________ Name:

FORM 2 FORM 2 - APPLICATION FOR A CLASS “A” INSURER’S LICENCE - LOCALLY INCORPORATED - SECTION 4 A1 A2 A3

A4 Business proposed to be transacted: Or A5 A6 A7 Provide details of all other business (not listed above, including non- financial business) carried on or to be carried on from within the Cayman Islands by the applicant or by the insurance group to which it belongs, if any. A8 which it belongs, if any, currently conducts insurance business. A9 which it belongs, if any, has previously conducted insurance business.

A10 B1 If the applicant is a subsidiary company of an existing insurance group, attach the following for the insurance group: i. Latest annual report and audited annual accounts for the three years preceding. ii. Organisational structure of the company and any insurance group to which it belongs. iii. Certificate of incorporation. iv. Where the parent or other companies belonging to the insurance group are carrying on insurance business: I. Written confirmation signed by the Directors that the parent company is solvent in the home jurisdiction, including in the case of an insurance group, a statement of solvency of the group as a whole. II. Certificate of compliance with insurance legislation in country of constitution or letter of good standing issued by the relevant regulatory body, in respect of all lines of business carried on by the applicant. B2 Attach a copy of the proposed memorandum of association and articles of association of the applicant, in accordance with the provisions of section 27 of the Companies Act. B3 recognised by the Authority, list all names (including any previous names), addresses, details of percentages of shareholdings and nationalities of all shareholders. (The Authority may ask for further information especially for shareholders holding above 10%). In those instances where shares are held by a corporate body or bodies, include the chain of connection to the ultimate owner.

B4 recognised by the Authority, for each shareholder which is a body corporate holding more than 10% of the applicant’s issued share capital or total voting rights, attach the annual accounts, for the two years preceding the year of application, together with similar accounts for the parent body, if any, of each such body corporate. B5 person holding more than 10 % of the applicant’s issued share capital or total voting rights attach: i. ii. Three references acceptable to the Authority, comprising two character references and one reference verifying the good financial standing. iii. C1 Provide the names of the money laundering reporting officer and the with specific responsibility for oversight of the insurance business to be carried on within the Cayman Islands, for which the licence is sought. C2 For each and every person listed in C1 except the money laundering reporting officer attach: i. ii. character references and one reference verifying the good financial standing.

iii. Police or other certificate satisfactory to the Authority confirming that the person in question has not been convicted of a serious crime or any offence involving dishonesty. iv. v.

C3 C4 Attach a list of all insurance agents and insurance brokers with whom the applicant intends to do business, if known at the time of application. Attach any draft brokerage agreements. C5 C6 C7 D1

D2

D3 Attach details of signatories with corresponding signing authorities under the company’s bank mandate.

transacted containing: E1 Rationale for carrying on insurance business in the Cayman Islands, including short-term and long-term objectives. E2 Reports of any feasibility studies carried out to support business plan. E3 E4 Classes of business/risks to be written including proposed levels of retention, cessions/limits and aggregates by class of business.

E5 E6 Copy of policy forms and wordings in respect of products sold. E7 Reinsurance programme structure with comprehensive evidence to support the proposed cessions and limits with respect to solvency margins. E8 Underwriting policies, procedures, guidelines and authorities (including pricing policies). E9 Claims management procedures. E10 Financial projections covering at least three years, by class of business, identifying assumptions and including stress testing where appropriate, to include: i. ii. iii. Statement of solvency at each year- end. iv. Statement for long-term business (approved by an actuary). v. Details of any proposed portfolio transfer together with actuarial valuation for the transfer.

E11 E12 E13 Details and statement of adequacy of domestic operational resources, in particular, staff qualifications and experience and information systems including disaster recovery and business continuity arrangements. E14 Information about contracts with affiliates and outsourcing E15 Corporate governance policies and internal controls to be implemented, including reporting arrangements and AML/CFT where applicable.

_______________________________________________________________ Name:

FORM 3 FORM 3 - APPLICATION FOR A CLASS “B” INSURER’S LICENCE - SECTION 4 A1 Name or proposed name of

A2 Regulatory sub-categorisation at time of application Class B(i) Class B(ii) Class B(iii) A3 Principal Office in the Islands where full and proper business records of the business will be maintained.

A4 Name and address of Registered Office.

A5 proposed to be transacted. And/Or A6 Date which applicant intends to commence carrying on insurance business from within the Cayman Islands. A7

B1 Attach evidence of the proper incorporation of the applicant pursuant to section 5 of the Companies Act, and a copy of the memorandum of association and articles of association, or other instrument of constitution of the applicant, as may be appropriate or in the case of companies not yet incorporated, the proposed documentation. B2 Attach the organisational structure of the company and any insurance group to which it belongs. B3 addresses, details of percentages of shareholdings and nationalities of all shareholders. (The Authority may ask for further information especially for shareholders holding above 10%). In those instances where shares are held by a body corporate, include the chain of connection to the ultimate owner. B4 more than 10% of the applicant’s issued share capital or total voting rights, attach the annual accounts, for the two years preceding the year of application, together with similar accounts for the parent body, if any, of each such body corporate. B5 i. ii. iv. B6 Attach details of the proposed authorised capital and the method of capitalisation. Provide confirmation and details of the source of funds for the initial statutory capital as required under the Insurance Act.

B7 Where a trust is involved in the ownership structure, please provide a copy of the trust document indicating the names of any settlors, beneficiaries and trustees. C1 Name and address of the insurance manager appointed (pursuant to the Insurance Act) and attach evidence that such insurance manager has agreed to accept appointment. C2 If underwriting long-term business, the name and address of the money laundering reporting officer and compliance officer. C3 For each and every director, manager and officer attach: i. ii. iii. iv. Photo identification (passport or driver’s licence) and proof of home address C4 C5 Attach evidence appointment. that the auditor has agreed to accept C6 If the application includes long-term business, attach evidence (to include name and address) that the actuary has agreed to accept appointment to certify the actuarial valuation of its long-term policy liabilities in accordance with the Insurance Act.

D1

D2 Which internationally recognised accounting standards will apply?

transacted including: E1 Rationale for establishing insurer. E2 Brief narrative history of the previous insurance programme, if applicable. E3 Classes of insurance to be written including levels of retention, cessions/limits and programme aggregates, if applicable, by line of E4 Details of any proposed arrangements whereby the insurer will reinsure admitted insurance carriers outside the Cayman Islands. E5 Reserving philosophy with evidence of loss history where available. E6 identifying assumptions (e.g. confidence levels, if applicable) to include: i. ii. iii. Statement of solvency at each year-end. iv. Details, if applicable, of any proposed portfolio assumption together with basis for valuation of the transfer. E7 Names of any external providers e.g. T.P.A. E8 E9

_______________________________________________________________ Name:

FORM 4 FORM 4 - APPLICATION FOR A CLASS “C” INSURER’S LICENCE - SECTION 4 A1 A2 Principal Office in the Islands where full and proper business records of the A3 Name and address of Registered Office. A4 Business proposed to be transacted. Composite A5 Date on which applicant intends to commence carrying on insurance business from within the Islands. A6 B1 Attach evidence of the proper incorporation of the applicant pursuant to the Companies Act, and a copy of the memorandum of association and articles of association, or other instrument of constitution of the applicant, as may be appropriate or in the case of companies not yet incorporated, the proposed documentation.

B2 addresses, details of percentages of shareholdings and nationalities of all shareholders. The Authority may ask for further information, particularly for shareholders holding above 10%. B3 Except in circumstances where a trust is involved in the ownership structure: attach an organisational structure of the company and include details of any insurance group to which it belongs; and include details on the chain of ownership to the ultimate shareholder. B4 more than 10% of the applicant’s issued share capital or total voting rights, attach the annual accounts for the two years preceding the year of application, together with similar accounts for the parent body, if any, of each such body corporate. B5 i. ii. iii. B6 Attach details of the proposed authorised capital and the method of capitalisation. Provide confirmation and details of the source of funds for the initial statutory capital as required under the Insurance Act.

C1 Name and address of the insurance manager appointed (pursuant to the Insurance Act and attach evidence that such insurance manager has agreed to accept appointment. C2 If underwriting long-term business, the name of the money laundering reporting officer and compliance officer.

C3 For each and every director, manager and officer attach:

i. ii. character references and one reference verifying the good financial standing. iii. Police or other certificate satisfactory to the Authority confirming that the person in question has not been convicted of a serious crime or any offence involving dishonesty. iv. Photo identification (passport or driver’s licence) and proof of home C4 C5 D1

D2 Which internationally recognised accounting standards will apply?

Attach a business plan for the insurance business to be transacted including: Attach E1 Rationale for establishing insurer.

E2 Full details of the structural arrangements identifying all components, legal purpose and transaction flows. E3 Copy of any draft agreements (e.g. offering memorandum) in support of the structure in E2.

otherwise furnished in support hereof are true and correct _______________________________________________________________ Name:

FORM 5 FORM 5 - APPLICATION FOR A CLASS “D” INSURER’S LICENCE - SECTION 4 A1 Name or proposed name of

A2 A3

A4

Head Office in the Islands where full and proper business records will be maintained. A5 Business proposed to be transacted: Long- term Composite A6 A7 A8 Provide pertinent details of all other business (not listed above, including nonfinancial business) carried on or to be carried on from within the Cayman Islands by the applicant or by the insurance group to which it belongs, if any. A9 List top 5 jurisdictions or territories, ranked by gross written premium, where the applicant, or the insurance group to which it belongs, if any, currently conducts

A10 List top 5 jurisdictions or territories, ranked by gross written premiums, where the applicant, or the insurance group to which it belongs, if any, has previously conducted insurance business. A11 B1 If the applicant is a subsidiary company of an existing insurer (not licensed by the Authority), attach the following for the parent company: i. Latest annual report and audited annual accounts for the three years preceding. ii. The organisational structure of the company and any insurance group to which it belongs. iii. Certificate of incorporation (or equivalent). iv. Evidence of good standing (or equivalent) from the appropriate regulatory body from the Insurance groups head office. B2 Attach evidence of the proper incorporation of the applicant pursuant to the Companies Act, and a copy of the memorandum of association and articles of association, or other instrument of constitution of the applicant, as may be appropriate or, in the case of companies not yet incorporated, the proposed documentation. B3 recognised by the Authority, list all names (including any previous names), addresses, details of percentages of shareholdings and nationalities of all shareholders. In those instances where shares are held by a body corporate, the chain of connection to the ultimate owner must be shown.

B4 recognised by the Authority, each shareholder and each beneficial shareholder which is a body corporate holding more than 10% of the applicant’s issued share capital or total voting rights, attach the annual accounts, for the two years preceding the year of application together with similar accounts for the parent body, if any, of each such body corporate. B5 person holding more than 10% of the applicant’s issued share capital or total voting rights attach: i. ii. Three references acceptable to the Authority, comprising two character references and one reference verifying the good financial standing. iii. the shareholder has not been convicted of a serious crime or any offence involving dishonesty. C1 Name and address of person resident in the Islands who is authorised to accept service of process in legal proceedings and notices on behalf of the applicant.

C2 with specific responsibility for oversight of the insurance business to be carried on within the Cayman Islands, for which the licence is sought. C3 For each and every director, officer and manager listed in C2 attach: i. ii.

iii. confirming that the person in question has not been convicted of a serious crime or any offence involving dishonesty. iv. v. C4 C5 C6

D1

D2

transacted containing: E1 Rationale for carrying on insurance business from within the Cayman Islands, including short-term and long-term objectives. E2 Reports of the final accepted feasibility study carried out to support business plan.

E3 E4 Classes of business/risks to be written including proposed levels of retention, cessions/limits and aggregates by class of business, if applicable. E5 E6 Copy of any intercompany reinsurance arrangements. E7 Reinsurance programme structure with comprehensive evidence to support the proposed cessions and limits (outward). E8 Underwriting procedures, guidelines and authorities (including pricing philosophies). E9 Claim management procedures. E10 identifying assumptions and including stress testing where appropriate, to include: i. ii. iii. Statement of solvency at each year-end. iv. Statement for long-term business (approved by an actuary). v. Details of any proposed portfolio assumption together with actuarial and/or underwriting valuation for the transfer. E11 Catastrophe modelling study including, proposed methodology for estimating catastrophic loss return periods. This should include absolute aggregate exposures by zone (where applicable) for a first event and all events in the aggregate. E12 E13

E14 Details and statement of adequacy of domestic operational resources, in particular staff qualifications and experience and Information systems including disaster recovery arrangements. E15 Corporate governance policies and internal controls to be implemented, including reporting arrangements and AML/CFT where applicable. E16 Information on any third-party arrangements generating more than 10% of the reinsurers estimated annual premium, in the current underwriting year.

otherwise furnished in support hereof are true and correct. _______________________________________________________________ Name:

FORM 6 FORM 6 - APPLICATION FOR AN INSURANCE MANAGER LICENCE - SECTION 4 A1 Name of applicant. A2 Name and address of: Registered Office in the Cayman Islands. A3 Head Office in the Islands where full and proper business records will be maintained. A4 Date on which applicant intends to commence carrying on insurance management business in or from within the Islands. A5 List all Cayman Islands issued licences, including dates obtained, and any issued A6 List all jurisdictions where an insurance management licence has been issued to the applicant and attach certificates of good standing issued by the Regulatory bodies in those jurisdictions. A7 Provide details of all other business, including services to be provided (not listed above, including non-financial business) carried on or to be carried on from within the Cayman Islands or elsewhere by the applicant or by the insurance group to which it belongs, if any.

B1 Where the applicant is a subsidiary company provide written confirmation, signed by the Directors, that the parent company accepts full responsibility for all policies or contracts issued by the subsidiary company and also for all acts, omissions and liabilities of the subsidiary.

B2 If the applicant is a subsidiary company, attach the following for the parent company: i. Latest annual report and audited annual accounts for the three years preceding. ii. The organisational structure of the company and any insurance group to which it belongs; iii. Certificate of incorporation. iv. Where the parent or other companies belonging to the insurance group are carrying on insurance business, provide the latest available group audited financial statements and group management accounts. v. Evidence of good standing (or equivalent) from the appropriate regulatory body from the Insurance groups head office. B3 Attach a copy of the proposed memorandum of association and articles of association of the applicant. B4 List all names (including any previous names), in the most recent seven years, addresses, details of percentages of shareholdings and nationalities of all shareholders including instances where shares are held by a body corporate, the chain of connection to the ultimate owner must be shown. B5 Each shareholder and each beneficial shareholder which is a body corporate holding more than 10% of the applicant’s issued share capital or total voting rights, attach the annual accounts, for the two years preceding the year of application together with similar accounts for the parent body, if any, of each such body corporate.

B6 Each shareholder and each beneficial shareholder who is a natural person holding more than 10% of the applicant’s issued share capital or total voting rights attach: i. ii. iii. C1 names and designation of all and any directors, managers and officers with specific responsibility for oversight of the insurance business to be carried on within the Cayman Islands, for which the licence is sought. C2 For each and every director, manager and officer listed in C1 attach: i. ii. Three references acceptable to the comprising two character references and one reference verifying the good financial standing. iii. confirming that the person in question has not been convicted of a serious crime or any offence involving dishonesty. iv. v. Photo identification (passport or driver’s licence) and proof of home address.

C3 If the applicant is to depend upon agent or service companies for the provision of underwriting, management, financial or accounting

D1 D2 Attach evidence of professional indemnity insurance as required by the Attach a three year business plan for the insurance business to be transacted E1 Rationale for establishing in the Cayman Islands and Services to be offered. E2 Business development plan identifying potential business, target markets, contacts, affiliations with third-parties, specialisations, and marketing plan. E3 Any management service agreements with external service providers. E4 List of all known insurers for whom the applicant will be engaged to act, at the time of licensing. E5 Details and statement of adequacy of operational resources, in particular staff qualifications and experience. This should include a detailed resume of key personnel showing relevant industry experience. E6 Details of information technology systems including business continuity and disaster recovery arrangements. E7 Corporate governance policies and internal controls to be implemented, including reporting arrangements and AML/CFT where applicable and commercial due diligence procedures. E8 Capitalisation amount and structure.

E9 Financial projections

_______________________________________________________________ Name:

FORM 7 FORM 7 - APPLICATION FOR AN INSURANCE BROKER LICENCE - SECTION 4 A1 A2 Name and Address of Registered Office. A3 Name and Address of principal office in the Islands where full and proper business records will be maintained. A4 What type of business is the applicant proposing to offer advice on? (tick). Both A5.1 Indicate whether the insurance broker business to be transacted is domestic or offshore. Domestic % Off — Shore % A5.2 In the case of both being ticked indicate the percentage split.

A6 Date on which applicant intends to commence carrying on insurance business in A7 List all Cayman Islands issued licences, including dates obtained, and any issued A8 List all jurisdictions where an insurance broker licence has been issued to the applicant and attach certificates of good standing issued by the regulatory bodies in those jurisdictions.

A9 Provide details of all other business, including services to be provided (not listed above, including non-financial business) carried on or to be carried on from within the Cayman Islands or elsewhere. B1 Attach evidence of incorporation or registration pursuant to the Companies Act and a copy of the proposed memorandum of association and articles of association of the applicant; B2 List all names (including any previous names), addresses, details of percentages of shareholdings and nationalities of all shareholders. (The Authority may ask for further information especially for shareholders holding above 10%). In those instances where shares are held by a body corporate, the chain of connection to the ultimate owner must be shown. B3 For each shareholder which is a body corporate holding more than 10% of the applicant’s issued share capital or total voting rights, attach the annual accounts, for the two years preceding the year of application, together with similar accounts for the parent body, if any, of each such body corporate. B4 i. ii. iii.

C1 Name and address of person resident in the Islands who is authorised to accept service of process in legal proceedings and notices on behalf of the applicant. C2 names and designation of all and any directors (minimum 2), managers and officers with specific responsibility for oversight of the insurance business to be carried on within the Cayman Islands, for which the licence is sought. C3 For each and every director, officer and manager listed in C2 attach: i. ii. iii. iv. v.

C4 provision of underwriting, management, financial or accounting services, give details of such companies, including evidence of their agreement to provide the services mentioned. C5 C6 D1 Planned financial year end date. D2 Attach details of signatories with corresponding signing authorities under the company’s bank mandate.

D3 Attach evidence of professional indemnity insurance pursuant to the Attach a three year business plan for the insurance business to be transacted E1 Rationale for establishing in the Cayman Islands and services to be offered. E2 For applicants intending to transact only non-domestic business explain the rationale for establishing in the Cayman Islands. E3 If special dispensation to transact business with an unlicenced insurer is being sought, provide evidence that this has been approved by the policyholder and that good and sufficient reason exists that such placement is necessary due to a need for capacity, policy coverage or otherwise. E4 Business development plan identifying potential business, target markets, contacts, affiliations with third-parties, specialisations, and marketing plan. E5 Draft broker service agreements (note that the obligation to notify the Authority of changes is applicable to this item where the actual agreements eventually put in place differ from the draft agreements provided). E6 List of all insurers for whom the applicant will be engaged to act. E7 Details and statement of adequacy of operational resources, in particular staff qualifications and experience. E8 Details of information systems disaster recovery

E9 Corporate governance policies and internal controls to be implemented, including reporting arrangements and AML/CFT where applicable and commercial due diligence procedures. E10 Capitalisation amount and structure. E11 Financial projections.

_______________________________________________________________ Name:

FORM 8 FORM 8 - APPLICATION FOR AN INSURANCE AGENT/AGENCY LICENCE - SECTION 4 A1 A2 Name and address of principal office in the Islands where full and proper business records will be maintained. A3 What type of business is the applicant proposing to offer advice on? (tick). Please indicate the name of the Class A Insurer. Both A4 Attach evidence of the existence of a power of attorney, agency agreement or guarantee OR of professional indemnity insurance as required under the Insurance Act. A5 Date on which applicant intends to commence carrying on insurance business in or from within the Cayman Islands. A6 List all Cayman Islands issued licences, including dates obtained, and any issued A7 List all jurisdictions where an insurance agency licence has been issued to the applicant and attach certificates of good standing issued by the regulatory bodies in those jurisdictions. A8 Provide details of all other business, including services to be provided (not listed above, including non-financial business) carried on or to be carried on from within the Cayman Islands or elsewhere.

If the applicant is an agency: B1 Attach evidence of proper incorporation pursuant to the Companies Act and a copy of the memorandum of association and articles of association of the applicant, in accordance with the provisions of the Companies Act, or if not yet incorporated, the proposed documentation. B2 List all names (including any previous names), addresses, details of percentages of shareholdings and nationalities of all shareholders. (The Authority may ask for further information especially for shareholders holding above 10%). In those instances where shares are held by a body corporate, the chain of connection to the ultimate owner must be shown. B3 For each shareholder which is a body corporate holding more than 10% of the applicant’s issued share capital or total voting rights, attach the annual accounts, for the two years preceding the year of application, together with similar accounts for the parent body, if any, of each such body corporate. B4 Attach a list of each shareholder and each beneficial shareholder who is a natural person holding more than 10% of the applicant’s issued share capital or total voting rights. B5 For each natural person identified in B4 attach: i. ii. iii.

C1 Name and address of person resident in the Islands who is authorised to accept service of process in legal proceedings and notices on behalf of the applicant. C2 with specific responsibility for oversight of the insurance business to be carried on within the Cayman Islands, for which the licence is sought. C3 For each agent or any director, manager or officer listed in C2 above, please provide: i. ii. iii. iv.

D1 For an agency, the planned financial year end date. D2 D3 If the applicant is a body corporate, attach details of signatories with corresponding signing authorities under the company’s bank mandate. E1 Business development plan identifying potential business, target markets, contacts, affiliations with third-parties, specialisations, and marketing plan. E2 Details of training received or expertise specific to the markets in which the agent will be selling.

If the applicant is an Agency (body corporate) attach: E3 i. Details of capitalisation and structure; ii. Details of financial projections; iii. Details and statement of adequacy of operational resources, in particular staff qualifications and experience; iv. Details of information systems including business continuity and disaster recovery arrangements; v. Corporate governance policies and internal controls to be implemented, including reporting arrangements and AML/CFT where applicable and commercial due diligence procedures.

_______________________________________________________________ Name:

LICENCE FEES AND ANNUAL FEES ((regulations 4(1), (2), (3) and (4))

PART 1 Application fees and annual fees relating to licensees Column 1 Item No. Column 2 Column 3 Application fee Column 4 Annual fee Class A insurer licence $1,000 $84,000 Class B(i) insurer licence $1,000 $9,500 Class B(ii) insurer licence $1,000 $10,500 Class B(iii) insurer licence $1,000 $13,500 Class C insurer licence $1,000 $6,500 Class D insurer licence $1,000 $120,000 Insurance agent licence $1,500 Insurance broker licence $1,000 $15,900 Insurance manager licence —

(a) acting for 10 or less licensed insurers $1,000 $16,500 (b) acting for 11 to 50 licensed insurers $1,000 $22,000 (c) acting for 51 to 100 licensed insurers $1,000 $27,500 (d) acting for more than 100 licensed insurers $1,000 $33,000 Where the applicant for, or the holder of, a licence, as applicable, is a segregated portfolio company within the meaning of the Companies Act (2026 Revision) $1,000 and an additional amount of $1,000 in respect of each segregated portfolio created by the segregated portfolio company An amount equivalent to the relevant annual fee in respect of the and an additional amount of $1000 in respect of each segregated portfolio within the segregated portfolio company.

PART 2 Application fees and annual fees relating to persons registered under the principal Act who do not require a licence to carry on insurance business

Column 1 Item No. Column 2 Column 3 Application fee Column 4 Annual fee Portfolio insurance company $1,000

Publication in consolidated and revised form authorised by the Cabinet this 28th day of January, 2026. Kim Bullings Clerk of Cabinet

Table of Legislation history: SL # Act/Law # Legislation Commencement Gazette 68/2024

Insurance (Applications and Fees) (Amendment) Regulations, 2024 1-Jan-2025 LG47/2024/s34

56/2020 Citation of Acts of Parliament Act, 2020 3-Dec-2020 LG84/2020/s1 34/2013

Insurance (Applications and Fees) (Amendment) Regulations, 2013 11-Sep-2013 GE73/2013/s1 61/2012

28-Nov-2012 GE116/2012/s4

(Price: $12.00)