Appointment of Controllers - Premier Assurance Group SPC Ltd (2020-09-23)

Summary

This is a public enforcement notice from CIMA announcing that it has placed Premier Assurance Group SPC Ltd. into controllership under the Insurance Law, 2010. It informs the public of the appointment and of a fitness and propriety finding against two of the company's directors, rather than setting any general rule for the industry.

• Appointment: Effective 14 September 2020, CIMA appointed Jeffrey Stower and Jason Robinson of KPMG Cayman Islands as Controllers of Premier Assurance Group SPC Ltd. under section 24(2)(h) of the Insurance Law, 2010.
• Director finding: CIMA found directors Jorge Eduardo Falcon and Leonardo Cornide not fit and proper to hold a director position at a licensee, under section 24(1)(g) of the Law.
• Controllers' powers: The Controllers have assumed immediate control of Premier's affairs and hold all powers necessary to administer the company, including the power to terminate its insurance business.
• Reporting duty: The Controllers must assess Premier's financial position and submit a report to the Authority by a specified deadline (not stated in this notice).
• Enquiries: Written enquiries about the controllership should be directed to Thomas Anderson at KPMG Cayman Islands.

Key obligations

• Controllers must assume immediate control of and administer Premier Assurance Group SPC Ltd.'s affairs, including power to terminate its insurance business.
• Controllers must assess Premier's financial position and submit a report to CIMA by a specified deadline.

Applies to

insurance licensees, directors of insurance licensees, Premier Assurance Group SPC Ltd.