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

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing that it has issued a three year Prohibition Order against Mr David Douglas King, a former director of Swift Intermediaries Ltd., a previously registered insurance broker. The Authority found King not fit and proper to perform functions in relation to regulated activity under the Insurance Act 1978, citing lack of diligence, failure to ensure the Company's compliance with statutory obligations, and non-compliance with sound insurance principles and minimum registration criteria.

• Basis for the order: King failed to conduct business in a prudent manner and did not comply with a condition or requirement under the Insurance Act.
• Basis for the order: King did not, in the Authority's opinion, carry on business in accordance with sound insurance principles.
• Basis for the order: King was not compliant with the minimum criteria for registration under the Schedule to the Insurance Act.
• Appeal outcome: King appealed to the Insurance Appeal Tribunal, which upheld the Authority's Prohibition Order in a ruling published 24 April 2025; no further appeal was made.
• Effect of the order: For three years from 14 May 2025, King is prohibited 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 notice is published under section 32H(7) of the Insurance Act to bring the Prohibition Order to public attention, stated to safeguard the interests of potential clients of the Company and the public at large. It is an informational enforcement notice rather than a rule imposing new ongoing obligations on the wider industry.

Key obligations

• Mr David Douglas King is prohibited for three years from 14 May 2025 from performing the functions of Director, Controller, Chief Executive, Officer, Senior Executive or Associate in relation to any Regulated Activity under the Insurance Act.
• Mr David Douglas King is prohibited for three years from 14 May 2025 from conducting any Regulated Activity carried on by way of business requiring registration or other authority from the Authority under the Insurance Act.

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 the prohibition preventing King from performing specified functions or conducting Regulated Activity under the Insurance Act.