Decision Notice - Alesia Re, SPC (2020-06-29)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) revoking the Class D Insurer Licence held by Alesia Re, SPC, effective 24 June 2020. The revocation follows a prior Warning Notice (4 December 2019) and continued breaches of the Insurance Law, 2010.

• Unpaid fees: Failure to pay annual licence fees and accrued penalties for 2019 and 2020, contrary to section 7(1) and (2) of the Insurance Law.
• Solvency and capital breaches: Failure to maintain the prescribed margin of solvency and prescribed capital requirements, contrary to section 8(2)(a) and (c).
• Missing financial statements: Failure to prepare and submit audited financial statements for financial years ended 2017 and 2018, contrary to section 9(1)(a).
• Regulatory action: CIMA revoked the Class D Insurer Licence under section 24(2)(c) of the Insurance Law, on the grounds under section 24(1)(a), (d) and (f) that the Company was likely unable to meet its obligations, had contravened the Law, and had not been managed in a fit and proper manner.

The notice is addressed to the Company's directors and confirms that the licence revocation took effect on 24 June 2020. It documents a completed enforcement action rather than imposing new ongoing obligations.

Applies to

Class D insurers, insurance companies licensed under the Insurance Law, 2010

Deadlines

• 24 June 2020: Effective date of CIMA's decision to revoke Alesia Re, SPC's Class D Insurer Licence.