The Bermuda Monetary Authority is warning that Custody Life Bermuda Ltd is not licensed or registered by the regulator, despite claims made on its website.

The authority said the company’s website, custodylife.com, falsely states that it holds an “innovative life-insurance charter” from the BMA and is licensed and regulated as a digital life insurer under Class IILT.

The BMA said Custody Life Bermuda has not been registered to conduct insurance business under the Insurance Act 1978. It is also not licensed under any other Bermuda law administered by the authority.

The regulator warned that dealing with unregulated entities may expose investors to greater risk because the BMA does not oversee their activities.

It said that anyone choosing to conduct business with Custody Life Bermuda Ltd does so at their own risk.

The company has been added to the BMA’s warning list of firms and individuals that have falsely claimed to be licensed or registered by the authority, or that have undertaken unregulated activity.