The Bermuda Monetary Authority (BMA) has cancelled the insurance brokerage registration of Intrepidus Insurance Services (Bermuda).
The BMA said that this was pursuant to the provisions of sections 42(1)(b)(i),(v),and (ix) of the Insurance Act 1978.
In a statement the BMA said that it was satisfied that the company had provided false, misleading or inaccurate information for the purposes of the Act, had not complied with a requirement made of it under this Act and had not fulfilled the minimum criteria.
The BMA said that it was taking this action to safeguard the interests of former, current and potential clients of the Company. It viewed the above 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 outlined above came to light after the BMA received a complaint about the company’s business practices and conduct. Based upon the findings of its investigation, the BMA no longer had confidence in the company’s ability to manage its affairs to the benefit of its clients or satisfy the minimum criteria as detailed in Schedule 1 of the Act.
The BMA added that the cancellation of the company’s registration highlights the importance of the BMA’s role in protecting the reputation of the jurisdiction and protecting the interests of clients of the Authority’s regulated entities.
Once the enforcement action was initiated, the statutory process was followed, culminating in a ten-day appeal period that expired on 2 July 2018. According to the BMA the decision was not appealed by the company.
Bermuda Monetary Authority, BMA, Insurance brokers, Intrepidus Insurance Services, Breach, Bermuda