Company’s insurance registration cancelled by BMA – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS

Company’s insurance registration cancelled by BMA

Mail

Print

Tweet

The Bermuda Monetary Authority has cancelled the insurance registration of Phoenix CRetro Reinsurance Company Limited, a special purpose insurer, for breaches of the Insurance Act 1978.

The BMA said it was satisfied that the company was in breach of the Insurance Act in four key areas, namely it had not conducted any business within two years of its registration; it had not paid annual fees due; it had not filed statutory financial statements for the years ended 31 December 2013 to 2019 inclusive; and it had not filed statutory financial returns for the years ended 31 December 2013 to 2019 inclusive.

In a statement the BMA said it is taking the action to safeguard the interests of potential clients of the company.

It viewed the breaches “as serious because of their nature and extent, and because they demonstrated systemic weaknesses of the company's internal controls in all regards”.

The breaches came to light after the BMA received a complaint about the company's business practices and conduct.

The BMA said that based on the findings of its investigation, it no longer had confidence in the company's ability to manage its affairs to the benefit of its potential clients or satisfy the minimum criteria as detailed in Schedule 1 of the Act.

In addition, the BMA said the cancellation of the company's registration highlighted the importance of the Authority's role in protecting the reputation of the jurisdiction and protecting the interests of clients of the BMA's regulated entities.

Mail

Print

Tweet

You must be registered or signed-in to post comment or to vote.

Published September 22, 2020 at 2:11 pm (Updated September 22, 2020 at 8:11 pm)

Company’s insurance registration cancelled by BMA

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon