Notice - Order of Prohibition - Mr. David Douglas King (2025-05-14)

Summary

This is a public notice from the Bermuda Monetary Authority (BMA) announcing that it has issued an Order of Prohibition against Mr David Douglas King under Section 32H of the Insurance Act 1978. King was a director of Swift Intermediaries Ltd, a company formerly registered as an insurance broker under the Insurance Act.

The Authority found King not fit and proper to perform functions in relation to regulated activity under the Insurance Act, citing failures of diligence, non compliance with statutory obligations, and breaches of related regulatory codes and laws. King appealed to the Insurance Appeal Tribunal, which upheld the Prohibition Order in a ruling published 24 April 2025; no further appeal was made.

• Basis for prohibition: King failed to conduct business prudently and did not comply with conditions or requirements under the Insurance Act
• Basis for prohibition: King did not, in the Authority's opinion, carry on business in accordance with sound insurance principles
• Basis for prohibition: King did not meet the minimum criteria for registration under the Schedule to the Insurance Act
• Effect of order: King is prohibited for three years from acting as Director, Controller, Chief Executive, Officer, Senior Executive or Associate, and from conducting any Regulated Activity requiring registration or authority under the Insurance Act

The Prohibition Order took effect on 14 May 2025 and is being published by the Authority as required under section 32H(7) of the Insurance Act to alert the public and safeguard the interests of potential clients and the public.

Key obligations

• Mr David Douglas King must not perform the functions of Director, Controller, Chief Executive, Officer, Senior Executive or Associate, or conduct any Regulated Activity requiring registration or authority under the Insurance Act, for a period of three years from 14 May 2025

Applies to

insurance brokers, insurance agents, directors, controllers, officers and senior executives of registered insurance entities

Deadlines

• 14 May 2025: Effective date of the Prohibition Order against Mr David Douglas King
• three (3) years from 14 May 2025: Duration of King's prohibition from performing regulated functions or activities under the Insurance Act