The division has also been given the power to approve ‘renewals’ of analogous Cat bond licenses within 5-7 business days. The issuance of licenses at a divisional level is not new to the Authority. Currently, all funds licenses and registrations including portfolio insurance companies are issued at the divisional level.

In conjunction with these recent changes, a new standalone licensing policy for the Class ‘C’ insurer category will also be developed. This will clearly outline the criteria and procedure for issuing such licenses, and help to mitigate any associated risks.

CIMA’s Managing Director, Mrs. Cindy Scotland said, “This fast-track licensing process is another testament towards CIMA’s efforts in accommodating sophisticated solutions within the financial industry, while maintaining our obligation as a regulator.”

SOURCE: http://www.cimoney.com.ky/about_cima/about_feed.aspx?id=2147485536