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

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing that it has issued a prohibition order against Mr. Joakim Samuelsson under section 32H of the Insurance Act 1978. Mr. Samuelsson had been a director, officer and controller of Custodian Life Limited, a Bermuda-registered Class C long-term insurer.

• Scope of prohibition: Mr. Samuelsson is barred, for an indefinite period, from acting as a controller of any description, director, officer, chief executive, senior executive or associate of any entity or person registered under the Insurance Act.
• Legal basis: The order was 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 BMA to publish any prohibition order in effect in a manner it considers appropriate to bring it to public attention, which this notice fulfils.

The notice is informational in nature, recording a completed enforcement action rather than imposing new ongoing compliance requirements on the wider industry, though insurers and other registered entities should be aware they may not employ or engage Mr. Samuelsson in the prohibited capacities.

Key obligations

• Registered insurers and other entities under the Insurance Act must not appoint or allow Mr. Joakim Samuelsson to act as a controller, director, officer, chief executive, senior executive or associate for an indefinite period.

Applies to

long-term insurers, Class C insurers, entities and persons registered under the Insurance Act 1978