HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA), exercising its powers pursuant to the provisions of Section 32H of the Insurance Act 1978 (Insurance Act) has issued an order of prohibition against Mr. Nicholas Mark Cooke (Cooke) (Date of Birth 1 April 1957) a citizen of the United Kingdom. Cooke is a director of Swift Intermediaries Ltd. (Company), a company registered as an insurance broker under the Insurance Act.
Having regard to Cooke’s probity, competence and soundness of judgment for fulfilling the role as director of the Company and the lack of diligence with which Cooke acted in this role, the Authority has concluded that Cooke, being a person who is registered by the Authority under the Insurance Act, is not a fit and proper person to perform any functions in relation to regulated activity under the Insurance Act. The Authority has determined that Cooke failed to manage the compliance of the Company with regard to its statutory obligations under the Insurance Act, Insurance Brokers and Insurance Agents Code of Conduct, the Exchange Control Regulations 1973 and the Companies Act 1981 and has accordingly concluded the following:
