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Find the answers to some of our most frequently asked questions.
Frequently Asked Questions
What is Nayms?
Nayms is a marketplace for crypto-native insurance, a bridge between alternative capital and uninsured risk in the rapidly evolving digital assets’ space. We provide the technical and legal infrastructure over which stakeholders come together to capitalise and transfer risk on-chain.
Is Nayms a regulated marketplace?
Yes, Nayms became the world’s first crypto-native insurance marketplace fully-regulated in Bermuda. We hold both the full Digital Asset Business Act licence and Innovative General Business Insurance licence, allowing our insurance partners to conduct regulated insurance business on-chain for the first time.
What is a participation token?
Participation token represent participation in an account, defined as passive economic interest, whose terms and conditions are laid out in a ‘participation agreement’ that all Capital Providers must sign along with Nayms. Participation tokens are issued uniquely in respect of each segregated account, and their holders are the owners pro rata of the account, entitled to a return on their investment.
What is a segregated account?
At Nayms, every capitalised risk-taking carrier within the marketplace is in fact a segregated account, and each segregated account has its own business plan, which is executed by the SAC with the assistance of experts from outside Nayms.
Who is a sponsor?
Our segregated accounts are set up at the behest of third parties, whom we call Sponsors. The role of a Sponsor is introduced at Nayms to fulfil the goal of creating a crypto-native insurance marketplace within the corporate structure of a SAC and to bolster the functional modularity and diversity of expertise within that same marketplace. The Sponsor is the proponent of the segregated account.
I'm a broker, how I can join Nayms marketplace?
Nayms admits brokers through and onboarding process which involves KYC, Services Agreement and formal approval. Each broker applying must be permitted to transact business in Bermuda. For more information contact firstname.lastname@example.org