Cancellation of Registration - U.S. Re Corp. International 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 U.S. Re Corp. International Ltd. under the Insurance Act 1978. The notice explains the grounds for cancellation and confirms the statutory appeal process has concluded without challenge.

• Grounds for cancellation: The Authority found the Company breached the Insurance Act in three ways: failing to maintain a principal office in Bermuda since 2017, failing to pay annual business fees on time (resulting in a fine of $14,526 including accumulated late fees), and failing to file statutory financial returns for the years ended 31 December 2019 and 2020.
• Legal basis: Cancellation was made under Sections 42(1)(b)(iv) and (v) of the Insurance Act 1978.
• Appeal outcome: A ten-day statutory appeal period expired on 13 May 2021 and the decision was not appealed.

This notice is informational and concerns a specific company's registration cancellation rather than imposing new ongoing obligations on other regulated entities. It serves as a public record of the enforcement outcome and a reminder to insurance brokers of the consequences of failing to maintain a Bermuda office, pay fees, and file statutory returns.

Applies to

insurance brokers