Notice - Cancellation of Registration - Priosma (2021-05-26)

Summary

This is a public 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 documents the reasons for the enforcement action and confirms the decision was not appealed.

• Ceased business: The company had ceased to carry on business as a broker.
• Unpaid fees: Failed to pay annual business fees on time, resulting in a fine of $15,600 including accumulated late fees.
• Failed filings and penalty: Failed to file statutory financial returns for 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 Authority acted under Sections 42(1)(b)(iii), (iv), (v) and (viii) of the Insurance Act to protect potential clients and the jurisdiction's reputation. A ten-day appeal period expired on 18 May 2021 without appeal, finalising the cancellation.

Applies to

insurance brokers, registered insurance entities