Prohibition Order - Mr. Nicholas Mark Cooke (2022-02-02)

Summary

This is a press release from the Bermuda Monetary Authority announcing that it has issued a Prohibition Order against Mr. Nicholas Mark Cooke under Section 32H of the Insurance Act 1978. Cooke, formerly a director of Swift Intermediaries Ltd. (a registered insurance broker), was found not fit and proper to perform functions in relation to any regulated activity under the Insurance Act.

• Basis for the order: Cooke failed to conduct business in a prudent manner, breached registration conditions, did not comply with sound insurance principles, and did not meet minimum criteria for registration under the Insurance Act.
• Misleading information: Cooke provided the Authority with financial statements and other documents containing false or misleading statements during a Section 30 investigation, including false claims that Expedite Re SA operated in or from Bermuda as a Class 3B and Special Purpose Vehicle.
• Prior warnings: Cooke had previously been issued Cease and Desist notifications in 2018 (regarding Expedite Re SA) and on 10 May 2019 (regarding Comp Capital Ltd.'s unlicensed promotion of insurance and digital asset business).
• Scope of prohibition: Cooke is prohibited, for an indefinite period, 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 order took effect from 1 February 2022. Cooke was issued a Decision Notice on 12 December 2021 and given 28 days to appeal under the Insurance Appeal Tribunal Regulations 2011, but no appeal was filed.

Key obligations

• Nicholas Mark Cooke is prohibited, for an indefinite period effective 1 February 2022, from performing the functions of Director, Controller, Chief Executive, Officer, Senior Executive or Associate, and from conducting any Regulated Activity requiring registration or authority under the Insurance Act.

Applies to

insurance brokers, persons registered under the Insurance Act 1978, directors, controllers, officers and senior executives of BMA-registered entities

Deadlines

• 1 February 2022: Effective date of the Prohibition Order against Nicholas Mark Cooke.
• 28 days from 12 December 2021: Period afforded to Cooke to appeal the Authority's Decision Notice under the Insurance Appeal Tribunal Regulations 2011; no appeal was filed.