Decision Notice - European Underwriters Insurance Company SPC Ltd. (2016-08-22)

Summary

This is a Decision Notice issued by CIMA revoking the Unrestricted Class B Insurer Licence of European Underwriters Insurance Company SPC Ltd. (Lic. #2676), addressed to its sole director. It follows an earlier Warning Notice from February 2015 and documents CIMA's finding that the company remained in breach of the Insurance Law, 2010.

• Breaches found: Operating without an Insurance Manager and failing to keep full and proper business records at its Insurance Manager (Sections 6, 7(1) and 9(1)(a)).
• Unpaid fees: Failure to pay annual licence fees and penalties for 2013 to 2016.
• Unfiled accounts: Failure to file audited financial statements for the years ended 30 September 2007 through 2015.
• Action taken: CIMA revoked the company's Unrestricted Class B Insurer Licence under Section 24(2)(c), based on findings under Section 24(1)(a), (d) and (f) that the company was or appeared likely to become unable to meet its obligations, had contravened the Law, and was not conducted in a fit and proper manner.

The revocation took effect on 19 August 2016. This notice is enforcement action specific to this one company and does not create new general obligations for other licensees, though it illustrates the licence fee, record keeping and audited accounts requirements under the Insurance Law, 2010 that CIMA enforces.

Applies to

Unrestricted Class B Insurer (insurance companies licensed under the Insurance Law, 2010)

Deadlines

• 19 August 2016: Effective date of CIMA's decision to revoke the company's Unrestricted Class B Insurer Licence.