Notice: Capital Management of Bermuda Ltd (2020-08-28)

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up Capital Management of Bermuda, Ltd (CMB), a Class C insurer registered in 2011. The winding-up order was made on 28 August 2020, and joint provisional liquidators from Deloitte Ltd were appointed to manage the process.

• Section 15 breach: Failure to prepare Statutory Financial Statements in respect of its insurance business for 2015 to 2019
• Section 15A breach: Failure to deliver a declaration to the Authority attesting compliance with that section for 2016 to 2019
• Section 16 breach: Failure to appoint an auditor to audit its Statutory Financial Statements
• Section 17 breach: Failure to file a copy of its Statutory Financial Statements with the Authority from 2015 to 2019

The notice is informational, documenting the regulator's enforcement action and the reasons for it (serious and prolonged non-compliance undermining confidence in CMB's ability to manage its affairs). It does not impose new ongoing obligations on other regulated entities, but serves as a public record and contact point for parties with questions about the liquidation.

Applies to

Class C insurers, insurers licensed under the Insurance Act 1978