Notice - Bermuda Monetary Authority Issues Prohibition Order Against Joakim Samuelsson (2026-04-20)

Summary

This notice reports that the Bermuda Monetary Authority has issued an indefinite prohibition order against Joakim Samuelsson, a former director, officer and controller of Custodian Life Limited, a Bermuda-registered insurer that was wound up following a Supreme Court order. The order and the accompanying Decision Notice details are published under the Insurance Act 1978, following findings of serious regulatory breaches and unfitness.

• Scope of prohibition: Samuelsson is barred indefinitely from acting as a controller, director, officer, chief executive, senior executive or associate of any entity or person registered under the Insurance Act 1978.
• Basis for action: Findings included improper trading practices harming policyholders, an imprudent asset segregation model, misleading statutory and public disclosures, failure to cooperate with a Section 30 investigator and with joint provisional liquidators, and contempt of court for failing to comply with Court orders.
• Background: Custodian Life Limited entered provisional liquidation in November 2023 and was ordered wound up by the Supreme Court of Bermuda on 3 October 2025; the BMA attributed these outcomes directly to Samuelsson's conduct.
• Process followed: The prohibition followed a Warning Notice issued 26 November 2025, Samuelsson's written representations, and a Decision Notice confirming the action; he had a right of appeal to an Appeal Tribunal under section 44A but did not exercise it.

This is an enforcement notice concerning one individual and does not itself impose new ongoing compliance requirements on the wider industry; it serves as public disclosure under sections 32H and 44I of the Insurance Act 1978.

Applies to

Bermuda-registered insurers, directors, officers, controllers and senior executives of entities registered under the Insurance Act 1978