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Cayman seeks NAIC Qualified Jurisdiction Status to grow reinsurance
The Cayman Islands says its QJS application to the NAIC would take 16 to 18 months, aligning local reinsurance rules with the US.
The Cayman Islands is pursuing Qualified Jurisdiction Status from the US National Association of Insurance Commissioners, a move intended to help the territory expand its reinsurance business and attract more re/insurance activity. Reinsurance News reports that Premier Andre Ebanks said the NAIC QJS process would take about 16 to 18 months and could allow Cayman to “mature” in the reinsurance market.
Ebanks said the application was submitted earlier in August and is part of a broader effort to strengthen Cayman’s role as a global re/insurance hub. He noted that because most of Cayman’s reinsurance business originates from the US, achieving QJS is viewed as a key milestone to bring Cayman’s reinsurance regulations and legislation in line with US standards.
The Premier also pointed to how reinsurance could tie into other segments of Cayman’s financial services sector, including investment funds. He said stakeholders had identified tech and innovation, family offices, and reinsurance as growth areas, adding that reinsurance in particular has “natural synergy” with investment funds, including private equity.
Cayman is also described as a hub for insurance-linked securities, with ILS structures regulated by the Cayman Islands Monetary Authority. Reinsurance News reports Ebanks said the QJS push could make the jurisdiction more attractive for ILS arrangements, citing the area’s complementary relationship with other services.