Decision Notice - Atlas Re, SPC (2020-06-16)

Summary

This is a Decision Notice issued by CIMA revoking the Class B (iii) Insurer Licence of Atlas Re, SPC, following an earlier Warning Notice dated 25 March 2020. It records CIMA's findings that the company breached multiple provisions of the Insurance Law, 2010 and formally notifies the company's directors of the licence revocation and the reasons for it.

• Unpaid fees: Failure to pay annual licence fees and accrued penalties for 2019 and 2020, breaching 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, breaching section 8(2)(a) and (c).
• Audited accounts: Failure to prepare and submit audited financial statements for 2016 through 2018, breaching section 9(1)(a).
• Regulatory action: CIMA revoked the company's Class B (iii) Insurer Licence under section 24(2)(c), on the basis that the company appeared unable to meet its obligations, had contravened the Law, and was not being managed in a fit and proper manner (section 24(1)(a), (d), (f)).

The decision is a specific enforcement action against Atlas Re, SPC and its named directors rather than a general rule; it took effect on 10 June 2020.

Applies to

Class B insurers, insurance licensees, directors of licensed insurers

Deadlines

• 10 June 2020: Effective date of CIMA's decision to revoke Atlas Re, SPC's Class B (iii) Insurer Licence.