Cancellation of Registration - Phoenix CRetro Reinsurance Company Limited (2020-09-22)

Summary

This is a press release from the Bermuda Monetary Authority announcing that it has cancelled the insurance registration of Phoenix CRetro Reinsurance Company Limited, a Special Purpose Insurer, for breaches of the Insurance Act 1978. It is an informational enforcement notice rather than a rulemaking document and creates no ongoing obligations for other entities.

• Legal basis: Cancellation was made under sections 41(1)(b)(ii), (iv) and (v) of the Insurance Act 1978.
• No business conducted: The Company had not conducted any business within two years of its registration.
• Unpaid fees: The Company had not paid annual fees due to the Authority.
• Missing financial statements: The Company had not filed Statutory Financial Statements for the years ended 31 December 2013 to 2019 inclusive.
• Missing financial returns: The Company had not filed Statutory Financial Returns for the years ended 31 December 2013 to 2019 inclusive.
• Appeal process: A ten day appeal period following the enforcement action expired on 26 August 2020 and the decision was not appealed.

The Authority states the action was taken to protect potential clients and the jurisdiction's reputation, following an investigation prompted by a complaint about the Company's business practices.

Applies to

Special Purpose Insurer, insurance companies registered in Bermuda

Deadlines

• 26 August 2020: Expiry of the ten day appeal period following the enforcement action; the decision was not appealed.