BMA Cancels Registration of Intrepidus Insurance Services (Bermuda) Limited (2018-07-03)

Summary

This is a notice from the Bermuda Monetary Authority announcing that it has cancelled the insurance brokerage registration of Intrepidus Insurance Services (Bermuda) Limited under the Insurance Act 1978. The action followed an investigation into a client complaint about the company's business practices and conduct.

• Grounds for cancellation: The Authority found the company provided false, misleading or inaccurate information for purposes of the Act, failed to comply with a requirement under the Act, and failed to satisfy the Minimum Criteria in Schedule 1 of the Act.
• Rationale: The Authority viewed the breaches as serious, reflecting systemic weaknesses in the company's internal controls, and acted to protect the interests of former, current and potential clients.
• Appeal outcome: A ten day statutory appeal period expired on 2 July 2018 and the company did not appeal the decision.

This is a purely informational enforcement notice concerning a single named entity; it does not create ongoing obligations for other regulated firms.

Applies to

insurance brokers

Deadlines

• 2 July 2018: Expiry of the ten day statutory appeal period following initiation of the enforcement action against the company (not appealed)