Notice - Cancellation of Registration - U.S. Re Corp (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. for breaches of the Insurance Act 1978. It is informational, documenting a completed enforcement action rather than imposing new ongoing requirements on other entities.

• Grounds for cancellation: The Authority found the company breached the Insurance Act in three areas: 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 inclusive of 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, so the cancellation is final.

The notice serves to inform the public and market participants that the company is no longer a registered insurance broker, and reinforces the Authority's stated role in protecting the jurisdiction's reputation and the interests of potential clients of regulated entities.

Applies to

insurance brokers

Deadlines

• 13 May 2021: Expiry of the ten day statutory appeal period following initiation of the enforcement action against the company