Cayman Islands Monetary Authority Fines Artex Risk Solutions (Cayman) Limited CI$95,409.11 (2022-12-07)

Summary

This is an enforcement notice from CIMA announcing that it has imposed discretionary administrative fines totalling CI$95,409.11 on Artex Risk Solutions (Cayman) Limited, a licensed insurance manager, under sections 42A and 42B of the Monetary Authority Act (2020 Revision) and the Monetary Authority (Administrative Fines) Regulations (2022 Revision).

• Misleading information: Knowingly or wilfully supplying false or misleading information to CIMA in connection with an application made on behalf of a managed insurance company.
• Unreported material change: Obtaining information about a material change in a managed insurance company's business and failing, as its insurance manager, to report that change to CIMA.
• Unreported non-compliance: Obtaining information or suspecting that a managed insurance company was operating in breach of the Insurance Act, 2010 or the Regulations, and failing to report this to CIMA.

The conduct occurred between 2020 and 2021. CIMA uses the notice to remind all licensed insurance managers of their ongoing legal duty to report unauthorised material changes in a managed company's business plan and any other non-compliance with legal or regulatory requirements to the Authority.

Key obligations

• Licensed insurance managers must report to CIMA any unauthorised material change in the business plan of an insurance company under their management
• Licensed insurance managers must report to CIMA any instances of non-compliance with legal and regulatory requirements by a managed insurance company
• Insurance managers must not knowingly or wilfully supply false or misleading information to CIMA in applications made on behalf of managed insurance companies

Applies to

insurance managers, managed insurance companies