HAMILTON, BERMUDA -The Bermuda Monetary Authority (the Authority) has cancelled the insurance brokerage registration of Intrepidus Insurance Services (Bermuda) Limited (the Company) pursuant to the provisions of sections 42(1)(b)(i),(v),and (ix) of the Insurance Act 1978 (the Act). The Authority is satisfied that the Company:
(1) Provided false, misleading or inaccurate information for the purposes of the Act;
(2) Has not complied with a requirement made of it under this Act; and
(3) Has not fulfilled the Minimum Criteria.
The Authority is 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 Authority received a complaint about the Company’s business practices and conduct. Based upon the findings of its investigation, the Authority 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 cancellation of the Company’s registration highlights the importance of the Authority’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. The decision was not appealed by the Company