On Apr. 30, UK Lloyds bulletin on required details for Cayman Islands.
UK Lloyds advised on recording Cayman Islands located coverholder or retrocedent and coverholders located in the Cayman Islands for all premium transactions.
Changes to Recording Necessary Details
UK Lloyds underwriters are licensed to write insurance and reinsurance in or from the Cayman Islands, and full details of licensed position, and exceptions, are on Crystal.
UK Lloyds is required to quarterly report premium, paid and outstanding claim transactions to CAY CIMA, Cayman Islands regulator, and follows relevant requests.
CAY CIMA has requested that UK Lloyds must now report Cayman Islands located coverholder and cedent names as part of UK Lloyd’s quarterly premium reporting.
UK Lloyds states requirements, if Cayman Islands reinsurance business is written by either Cayman Islands or non-Cayman domiciled coverholder or service company.
This means the name of Cayman Islands cedent must be provided on the bordereau.
In order to ensure the accurate reporting of Cayman Islands coverholder and cedant names, brokers and underwriters must refer to the CAY CIMA website for verification.
These parties must verify details of the entities' name prior to processing transactions through Velonetic, which will query any that does not include a name on CAY CIMA.
Effectiveness
With effect from Jun. 1, 2024, premium transactions must include the name of the Cayman Islands located coverholder and/or the Cayman Islands located cedent.
