Cayman Islands Monetary Authority Fines Kevin David Poole CI$14,700.00 (2022-12-07)

Summary

This is a notice from CIMA announcing that it has imposed a discretionary administrative fine of CI$14,700.00 on an individual, Kevin David Poole, for supplying false or misleading information to the Authority. This is a one-off enforcement action notice, not a rule change, and creates no new ongoing regulatory requirements.

• Legal basis: Fine imposed under sections 42A and 42B of the Monetary Authority Act (2020 Revision) and the Monetary Authority (Administrative Fines) Regulations (2022 Revision).
• Conduct: Knowingly or wilfully supplying false or misleading information to the Authority in relation to an application submitted on behalf of a managed insurance company.
• Timing of conduct: The breaches relate to conduct occurring between 2020 and 2021.
• Regulator's reminder: CIMA reminds directors and officers of licensees of their legal obligations under the Insurance Act, 2010 and its expectation that persons in a controlled function be candid and truthful in all dealings with the Authority.

The notice serves primarily as a public disclosure of the enforcement outcome and a general reminder to industry about candour obligations; it does not impose new obligations beyond restating existing duties under the Insurance Act, 2010.

Key obligations

• Directors and officers of licensees must be candid and truthful in all dealings with the Authority, consistent with their obligations under the Insurance Act, 2010.

Applies to

managed insurance companies, directors and officers of licensees, insurance licensees