Cancellation of Registration - Signify Insurance Ltd. (2022-02-02)

Summary

This is a press release from the Bermuda Monetary Authority announcing that it has cancelled the insurance registration of Signify Insurance Ltd., a Class 1 insurer, under the Insurance Act 1978. The notice is informational, documenting completed enforcement action rather than imposing new ongoing requirements on other regulated entities.

• Grounds for cancellation: The Authority found the Company breached Sections 41(1)(b)(v) and (viii) of the Insurance Act by failing to file Statutory Financial Returns under Section 18 for years ended 31 December 2019 and 2020, and by failing to meet solvency margin and liquidity ratio requirements under Sections 10 and 11 of the Insurance Returns and Solvency Regulations 1980 for the same years.
• Background: The Authority had already imposed conditions on the Company in 2017 restricting it from writing new business or making capital distributions pending resolution of legal disputes, and those restrictions remained in place until the cancellation.
• Process: The Company was given opportunities to remedy the breaches but did not take appropriate remedial steps; the statutory appeal period expired without appeal, so the cancellation stands.

The notice serves as a public record of enforcement action and does not create new compliance obligations for other insurers, though it reiterates the importance of timely statutory financial returns and maintaining solvency and liquidity margins under existing law.

Applies to

Class 1 insurer, Signify Insurance Ltd.