Decision Notice - CTS Captive Management (Cayman) Ltd. (2021-01-05)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) announcing the revocation of the Insurance Manager's Licence held by CTS Captive Management (Cayman), Ltd. It follows an earlier Warning Notice dated 5 November 2020 and details the specific statutory breaches that led to the revocation.

• Fee breach: Failure to pay annual licence fees and accrued penalties for 2019 and 2020, contrary to section 7(1) and (2) of the Insurance Act, 2010.
• Reporting breach: Failure to submit annual returns within six months of the end of its 2018 and 2019 financial years, contrary to section 10(1) of the Act.
• Notice breach: Failure to give sixty days written notice of the proposed termination of its Insurance Management Agreement, contrary to section 21(4) of the Act.
• Action taken: CIMA revoked the Company's Insurance Manager's Licence under section 24(2)(c) of the Act, based on findings under sections 24(1)(a), (d) and (f) that the Company was likely unable to meet its obligations, had contravened the Act, and was not managed in a fit and proper manner.

The notice is addressed to the Company's directors and confirms the revocation as an enforcement outcome; it does not create ongoing obligations for other regulated entities but serves as a public record of CIMA's enforcement action against this specific licensee.

Applies to

Insurance Managers, Insurance Act licensees

Deadlines

• 30 December 2020: Effective date of CIMA's decision to revoke CTS Captive Management (Cayman) Ltd.'s Insurance Manager's Licence.