s.2Interpretation
2
Section 2Part 0 —

Interpretation

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In this Law —
means a person having a legal or beneficial interest in, or right (including any encumbrance) over, monies held or owed by an account provider;
means —
a Class A insurer;
a bank;
a trust company;
a credit union;
a building society; or
any other type of financial institution which is declared to be an account provider pursuant to section 17A;
means a person licensed to carry on banking business under the Banks and Trust Companies Law (2009 Revision);
has the same meaning as in the Cooperative Societies Law (2001 Revision);
means a person making a claim under section 9;
means an insurer holding a valid Class ‘A’ Insurer’s Licence under the Insurance Law (2008 Revision);
includes a personal organizer or any other electronic means of information storage and retrieval;
has the same meaning as in the Cooperative Societies Law (2001 Revision);
means a deposit made with an account provider that, subject to any terms agreed between the account holder and the account provider in relation to continued reinvestment as a deposit, becomes due and payable after the expiry of a period of time agreed between the account holder and account provider;
means the period of seven years referred to in section 4(1);
means a dormant account referred to in section 4(1);
means a person having a legal or beneficial interest in, or right (including any encumbrance) over, monies deemed to be held in a dormant account pursuant to section 4(1);
means a person carrying on financial services business;
means financial services business as defined in the Monetary Authority Law (2011 Revision);
means a person authorized as such by the Monetary Authority under section 10;
has the same meaning as in the Insurance Law (2008 Revision);
means the Minister charged with responsibility for finance under section 54 of the Constitution [S.I. 2009/1379];
means the Cayman Islands Monetary Authority established under section 5 of the Monetary Authority Law (2011 Revision);
means —
any sum payable with respect to any general deposit, demand deposit, savings deposit or deposit for a fixed period, made in the Islands with an account provider, together with any interest, but excluding any lawful charges thereon;
any sum payable on cheques certified in the Islands by an account provider;
the cash from, or proceeds of sale of precious metals and precious stones (excluding jewellery) from, safe deposit boxes upon which the lease or rental period has expired;
monies claimable or payable to an insured or specified beneficiary in relation to long term business carried on by a Class A insurer; and
the proceeds of any assets held under a trust by a trust company specifically established for the purposes of maintaining monies settled from dormant accounts except for any trusts created pursuant to section 153 of the Companies Law (2011 Revision);
means a police officer as defined in section 2 of the Police Law, 2010 [Law 36 of 2010];
means any book, document, or any other written or printed material in any form including —
any information stored, maintained or preserved by means of any mechanical or electronic device, whether or not stored, maintained or preserved in a legible form and that is capable of being reproduced in a legible form; and
all the electronic or other automatic means, if any, by which any such material or information is capable of being so reproduced and to which an account provider being inspected for the purposes of this Law, has access; and
means a company licensed to carry on trust business under the Banks and Trust Companies Law (2009 Revision).

Defined Terms

account holderaccount providerbankbuilding societyclaimantClass A insurercomputercredit uniondeposit for a fixed perioddormancy perioddormant accountdormant account holderfinancial institutionfinancial services businessinspectorlong term businessMinisterMonetary Authoritymonies held or owed by an account providerpolice officerrecordtrust company

Cross References