Winding Up - British Steamship Protection and Indemnity (Bermuda) Limited (2023-02-27)

Summary

This is a public enforcement notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up British Steamship Protection and Indemnity Association (Bermuda) Limited, a Class 2 insurer, due to extensive and longstanding breaches of the Insurance Act 1978. The notice is informational, explaining the reasons for the action and the resulting court order; it does not itself impose new ongoing compliance requirements on other entities.

• Auditor failure: The Directors failed to appoint an approved auditor since 2019, contrary to Section 16 of the Insurance Act.
• Financial reporting failure: Failed to produce and file audited statutory financial statements and statutory financial returns for 2019, 2020 and 2021, contrary to Sections 15, 15A, 17 and 18 of the Insurance Act.
• Record-keeping failure: Failed to maintain adequate accounting and record keeping systems and failed to meet reporting requirements contrary to Section 46 of the Insurance Code of Conduct 2015.
• Principal representative failure: Failed to appoint and maintain a principal representative as required by the Insurance Act.
• Registered office failure: Failed to maintain a registered office in accordance with Sections 62 and 130 of the Companies Act 1981.

By Order of the Supreme Court dated 28 October 2022, the Company was wound up under the Companies Act 1981, with Charles Thresh and Mike Morrison of Teneo (Bermuda) Ltd. appointed as joint provisional liquidators. The notice provides their contact details for anyone with questions about the Company or the liquidation.

Applies to

Class 2 insurer, insurance companies registered under the Insurance Act 1978