A Bermuda insurance broker has lost its appeal against the Bermuda Monetary Authority’s decision to cancel its licence and bar its director from the industry for three years.

Swift Intermediaries Ltd and its director, David King, had challenged enforcement actions taken by the BMA after a lengthy investigation uncovered serious regulatory breaches.

The Insurance Appeal Tribunal rejected the appeal, finding the authority’s decisions were lawful and justified based on the evidence​.

The case stemmed from a December 2021 decision by the BMA to cancel Swift’s registration and issue a prohibition order against Mr King.

Investigators found that Swift had failed to maintain proper corporate records, implement governance policies or file accurate regulatory information, among other violations.

“There were very serious problems with Mr Cooke and the appellants wished to put distance between [Mr] Cooke and themselves, but the BMA clearly [and reasonably] did not accept the appellants’ protestations,” the tribunal wrote, referring to Swift’s former director, Mark Cooke, who had previously been banned after submitting fraudulent information​.

The tribunal found Swift had minimised its involvement in questionable transactions and failed to meet basic regulatory obligations. “Any company that had Mr Cooke as a director and close associate is bound to be suspect,” the ruling said​.

On Mr King's personal suitability, the tribunal stated: “Given the evidence before the tribunal, it is difficult to give much credence to the suggestion that Mr King met the legislative fit-and-proper person test. He clearly does not.”

The ruling concluded that the BMA acted properly and that the enforcement measures were fully supported by the evidence.