Notice - Winding up - Greins Global (2021-04-20)

Summary

This is a public notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up Greins Global Ltd., a Class 1 insurer registered in 2015. It is purely informational, reporting the outcome of enforcement action rather than imposing new ongoing rules.

• Court order: The Supreme Court of Bermuda issued a winding-up order dated 19 March 2021 under Section 35 of the Insurance Act 1978 and the Companies Act 1981.
• Provisional liquidator: Kenneth Joaquin of the Office of the Official Receiver and Registrar of Companies was appointed provisional liquidator of the Company.
• Grounds for action: The BMA cited breaches including failure to pay 2019 annual business fees (Section 14(3)), failure to file 31 December 2018 statutory financial statements (Section 17(3)), and failure to meet the minimum solvency margin as at 31 December 2017 (Section 31A).
• Contact: Parties with questions about the Company or the liquidation are directed to contact the Official Receiver by email.

Applies to

Class 1 insurer, insurers registered under the Insurance Act 1978