Notice – Prohibition Order – Mr. Joakim Samuelsson (2026-03-27)

Summary

This is a public notice from the Bermuda Monetary Authority (BMA) announcing that it has issued an indefinite prohibition order against Mr. Joakim Samuelsson under section 32H of the Insurance Act 1978, following the conclusion of an enforcement process. Mr. Samuelsson was formerly a director, officer and controller of Custodian Life Limited, a Bermuda-registered Class C long-term insurer.

• Scope of prohibition: Mr. 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.
• Legal basis: The order is issued pursuant to section 32H of the Insurance Act 1978, following an enforcement process conducted under that Act.
• Publication requirement: Section 32H(7) of the Insurance Act requires the Authority to publish any prohibition order in effect in a manner it considers appropriate to bring it to public attention, which this notice satisfies.

The notice is informational, publicising a completed enforcement decision rather than creating new ongoing compliance duties for the wider insurance industry, though insurers should ensure they do not engage Mr. Samuelsson in any of the prohibited capacities.

Key obligations

• Registered persons and entities under the Insurance Act 1978 must not employ or engage Mr. Joakim Samuelsson as a controller, director, officer, chief executive, senior executive or associate for an indefinite period.

Applies to

insurers registered under the Insurance Act 1978, Class C long-term insurers, directors, officers and controllers of registered insurers