- Class B(i)
- Class B(ii)
- Class B(iii)
The Law does not provide for specific net written premium to net equity ratios, but unless there are exceptional circumstances the Cayman Islands Monetary Authority (“CIMA”) will expect a maximum starting ratio of 5:1, in the expectation that such will reduce to 3:1 or better over a period of time as the company develops.
Please contact CSI for more information on the requirements for each Class.
With the timely collection of the required due diligence documents, other required standard supporting documents and requirements as set by the regulator the process can take approximately 6 weeks.
The continued management fees are subject to volume of business written and the expected actual management and accounting time spent. For the setup cost much will depend upon the specifics of the company and the license involved and the business entered into but as an indication of cost of setup we would usually have a flat fee to include our time in connection with everything leading through to licensing, the cost of the company registration and the license fee for the first year. Outside of this you would need to provide for the cost of any external professional advice required in connection with the licensing process.
Together with you and your service providers CSI will work on a feasibility study and a 3 or 5 year budget as required by CIMA for filing with the licensing application.
Contact us or visit CSI’s website at www.csi.ky for more information.