Winding Up - General Professional Indemnity Ltd (2022-10-12)

Summary

This is an enforcement notice from the Bermuda Monetary Authority announcing that it successfully petitioned the Supreme Court of Bermuda to wind up General Professional Indemnity Ltd (GPIL), a Class 3 insurer, under the Insurance Act 1978 and the Companies Act 1981. The notice recounts the regulatory history leading to the winding-up order and is informational rather than a rule of general application.

• Background: GPIL was licensed in 1992 and re-registered as a Class 3 insurer; it operated with separate accounts under the General Professional Indemnity Ltd Act 1997.
• Urgent Directions: On 15 July 2021 the Authority imposed Urgent Directions on GPIL under Sections 32 and 32C of the Insurance Act due to inaccurate 2019 and 2020 statutory financial filings; GPIL's appeal was deferred.
• Continued non-compliance: GPIL continued failing to file audited financial statements and regulatory returns for the 31 March 2021 year-end, prompting the Authority to seek appointment of joint provisional liquidators.
• Court action: The Supreme Court appointed Joel Edwards (EY Bermuda) and Eleanor Fisher (EY Cayman) as joint provisional liquidators on 29 August 2022; a winding-up petition was heard on 7 October 2022 and a winding-up order was issued.
• Breaches cited: The Authority cited failures to prepare accurate and audited statutory financial statements and returns for the year ending 31 March 2019 and ongoing, as required under Sections 15, 15A, 17 and 18 of the Insurance Act.

The notice lists GPIL's directors and its SAC representative, Independent Management Limited, and provides contact details for the joint provisional liquidators for anyone with questions about the liquidation.

Applies to

Class 3 insurer (General Professional Indemnity Ltd), insurance managers