Cancellation of Registration - Priosma Ltd. (2021-05-26)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing that it has cancelled the insurance broker registration of Priosma Ltd. for breaches of the Insurance Act 1978. It is informational, documenting a completed enforcement action rather than imposing new ongoing rules on the wider industry.

• Ceased business: The company had ceased to carry on business as an insurance broker.
• Unpaid fees: Failed to pay annual business fees within the prescribed time, resulting in a fine of $15,600 including accumulated late fees.
• Failed statutory returns: Failed to file statutory financial returns for the years ended 31 December 2019 and 2020, and failed to pay an interim penalty of $2,000, resulting in a civil penalty of $51,500.
• Unsound practices: Failed to carry on business in accordance with sound insurance principles.

The BMA cancelled the registration under Sections 42(1)(b)(iii), (iv), (v) and (viii) of the Insurance Act 1978 to protect potential clients and the jurisdiction's reputation. The company did not appeal within the ten-day statutory appeal period, which expired on 18 May 2021.

Applies to

insurance brokers