Notice - Winding up - British Steamship Protection and Indemnity (Bermuda) Limited (2023-02-27)

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up British Steamship Protection and Indemnity Association (Bermuda) Limited, a Class 2 insurer, due to extensive and longstanding breaches of the Insurance Act 1978 and Companies Act 1981.

• Auditor failure: Directors failed to appoint an approved auditor since 2019, contrary to Section 16 of the Insurance Act.
• Financial reporting failure: Failed to produce and file audited statutory financial statements and returns for 2019, 2020 and 2021, contrary to Sections 15, 15A, 17 and 18 of the Insurance Act.
• Record-keeping failure: Failed to maintain adequate accounting and record-keeping systems and meet reporting requirements under Section 46 of the Insurance Code of Conduct 2015.
• Principal representative failure: Failed to appoint and maintain a principal representative as required by the Insurance Act.
• Registered office failure: Failed to maintain a registered office in accordance with Sections 62 and 130 of the Companies Act 1981.

By Order of the Supreme Court dated 28 October 2022, the Company was ordered to be wound up under the Companies Act 1981, and Charles Thresh and Mike Morrison of Teneo (Bermuda Ltd.) were appointed as joint provisional liquidators. The notice directs anyone with questions about the Company or the liquidation to contact the liquidators directly.

Applies to

Class 2 insurers, insurers registered under the Insurance Act 1978