Cayman Islands: corporate life-insurance onboarding

Obtain the company policyholder's incorporation, constitution, registered particulars and business details. Use the Cayman registry guide for available public records, and request current ownership information from the company or registered office where needed.

Policyholder and purchase mandate

Apply the AML Regulations' beneficial-owner definition, including 10% or more of shares or voting rights for unlisted companies and ultimate effective control. Trace the relevant corporate layers and obtain supporting nominee or control agreements.

Verify the representative and authority for the purchase. Record the insured person, premium payer and purpose of the cover. Obtain financing and assignment documents where a lender receives policy rights and evidence explaining third-party premiums.

Beneficiary and payout checks

The insurance provisions require beneficiary details when named or designated by class or description, with verification at payout. Apply the additional checks required for a higher-risk corporate beneficiary and the relevant PEP measures before payment.

Review assignments, surrender and instructions to pay a new recipient against the current policy rights. Obtain evidence of the recipient's entitlement and authority for the instruction before releasing money.

The covered insurance definition addresses life and investment-related business and excludes reinsurance. Keep the proposal, CDD, amendments and payments under the applicable retention provisions rather than applying this policyholder process indiscriminately to every insurance product.