As reported by the Cayman Islands News, following the long awaited passage of the new insurance law, the legislation has been welcomed by members of the financial sector who say it puts Cayman is a position to meet market demand for a diverse range of reinsurance products. It is hoped that he modernisation of the law which helps Cayman meet important international standards will provide a boost to the sector. The new law was passed in the Legislative Assembly last month and properly regulates the insurance industry for the first time offering protection to local customers as well as facilitating the wider international, commercial development of the industry.

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