BMA pulls Signify Insurance form register
The Bermuda Monetary Authority (BMA) has cancelled Signify Insurance’s Class 1 insurer registration for breaches of the Insurance Act 1978.
According to the BMA, Signify did not file statutory financial returns and failed to meet required solvency margins and liquidity ratios for 2019 and 2020.
“The breaches outlined above were communicated to the company, which was afforded significant opportunities to remedy the same; however, it failed to take appropriate remedial steps. Accordingly, the Authority has determined that the company was not conducting business in a prudent manner and in accordance with sound insurance principles,” the BMA said in a statement.
The BMA had already imposed conditions on the company’s registration in 2017, restricting it from writing new business or making any capital distributions pending the resolutions of certain legal disputes. Those restrictions remained in place.
“The Authority viewed the above breaches as serious because of their extent and duration and because the Authority concluded that it no longer had confidence in the company’s ability to manage its affairs or to satisfy the minimum criteria as detailed in the schedule to the Insurance Act. The Authority’s actions highlight the importance of its role in protecting the reputation of the jurisdiction and protecting the interests of potential clients of the Authority’s regulated entities,” the BMA added.
The BMA’s decision to take enforcement action was not appealed, it said.
