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The Legal Services Act, 2020 and the Insurance Industry

The Legal Services Act, 2020 (the “LSA”) was gazetted on 7 January 2021 and is expected to come into force once the Regulations have been finalised and a commencement order issued before the end of February this year. The LSA has been a long time in the making. The legislation seeks to repeal and replace the Legal Practitioners Act (2015 Revision); to regulate the practice of Cayman Islands law; to provide for a system of legal education; to provide for a system to deal with professional misconduct; and for incidental and connected purposes.

The enactment of the LSA will assist in protecting and promoting the reputation of the Cayman Islands as a leading international financial centre, where legal, corporate, and professional services are provided in accordance with international regulatory standards, and in compliance with the jurisdiction’s domestic legislation and international obligations in relation to anti-money laundering and terrorist financing.

The LSA now provides a comprehensive legal framework that will ensure that Cayman Islands law is only practised by lawyers that are properly qualified, regulated and accountable. The LSA also seeks to strike a balance between a variety of public policy considerations and regulatory objectives involving the Cayman Islands legal profession.

 

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The Legal Services Act, 2020 and the Insurance Industry

 


Derek Stenson
Partner

Cayman Islands   +1 345 814 7392


Rob Humphries
Counsel

Cayman Islands   +1 345 814 7793
Mobile  +1 345 922 1907


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