The Cayman International Reinsurance Companies Association is urging the National Association of Insurance Commissioners to recommend adding the Cayman Islands to its list of qualified jurisdictions, AM Best News reported Nov. 9.
The ask is for a recommendation rather than a listing decision, which suggests any change to the island's standing would be a separate step.
For insurers that hold Cayman-domiciled reinsurance, the question the request raises is what a recommendation would change about how that exposure is treated in their capital reporting.
Reported by the Insurance regulation desk from AM Best News. Published . Corrections