Notice - Winding up - General Professional Indemnity Ltd (2022-10-12)

Summary

This notice from the Bermuda Monetary Authority announces that it successfully petitioned the Supreme Court of Bermuda to wind up General Professional Indemnity Ltd (GPIL), a Bermuda-licensed Class 3 insurer, following a winding-up order issued on 7 October 2022. The notice explains the background of GPIL's regulatory non-compliance and the appointment of joint provisional liquidators.

• Grounds for winding up: GPIL failed to prepare accurate and audited statutory financial statements and statutory financial returns from the year ending 31 March 2019 onward, in breach of Sections 15, 15A, 17 and 18 of the Insurance Act 1978.
• Prior enforcement action: On 15 July 2021 the Authority imposed Urgent Directions on GPIL under Sections 32 and 32C of the Insurance Act due to non-compliance, particularly relating to inaccurate 2019 and 2020 statutory financial filings; GPIL appealed but continued to be non-compliant.
• Provisional liquidators appointed: By Supreme Court Order dated 29 August 2022, Joel Edwards (EY Bermuda Ltd) and Eleanor Fisher (EY Cayman Ltd) were appointed as joint provisional liquidators of GPIL.
• Winding-up order: A winding-up petition was heard on 7 October 2022 and the Supreme Court subsequently issued a winding-up order for GPIL under Section 35(1)(b) and (c) of the Insurance Act and the Companies Act 1981.
• Contact for queries: Parties with questions about GPIL or the liquidation are directed to contact the joint provisional liquidators via the email addresses provided in the notice.

The notice is informational in nature, documenting a completed regulatory and court process rather than imposing new ongoing compliance obligations on other regulated entities.

Applies to

Class 3 insurer, insurance manager, directors of a licensed insurer