Order of Prohibition - Mr. Joakim Samuelsson (2026-04-20)

Summary

This notice announces that the Bermuda Monetary Authority has issued a prohibition order against Mr Joakim Samuelsson under section 32H of the Insurance Act 1978, following findings of serious regulatory breaches in his role as a director, officer and controller of Custodian Life Limited, a Bermuda-registered insurer that was wound up by the Supreme Court of Bermuda.

• Prohibition scope: Mr Samuelsson is prohibited indefinitely 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 1978.
• Basis for decision: The BMA found improper trading practices including undisclosed shorting of policyholder investments, an imprudent segregation model, misleading statutory and public disclosures, failure to cooperate with an appointed investigator and joint provisional liquidators, and contempt of court for failing to comply with Court orders.
• Fitness and propriety: The Authority concluded these failures showed a lack of probity, integrity, competence and soundness of judgment, making him not fit and proper to perform functions in relation to regulated activities.
• Process followed: The order followed a Warning Notice issued 26 November 2025, written representations from Mr Samuelsson, and a Decision Notice confirming the action; the prohibition order was published on the BMA website on 27 March 2026 as required by section 32H, and further details are now published under section 44I.
• Appeal: Mr Samuelsson had a right of appeal to an Appeal Tribunal under section 44A of the Act but did not exercise it.

This is an enforcement notice concerning a named individual; it does not impose new ongoing regulatory obligations on the wider industry, but licensed insurers and their controllers should be aware of the standards of conduct and cooperation the BMA expects, as illustrated by the findings against Mr Samuelsson.

Applies to

insurers registered under the Insurance Act 1978, directors, officers, controllers and senior executives of Bermuda-registered insurers