Decision Notice - First Financial Insurance Brokers (2019-02-01)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) announcing that it has revoked the Insurance Broker Licence of First Financial Insurance Brokers Ltd. (Lic. #2168). It follows an earlier Warning Notice dated 24 April 2018 and sets out the specific statutory breaches that led to revocation.

• Breaches found: Failure to pay penalties for 2013, 2014 and 2015, and failure to pay annual licence fees and penalties for 2017, 2018 and 2019 (section 7(1) of the Insurance Law, 2010).
• Further breaches: Failure to submit annual returns for 2015 and 2016 and failure to provide written confirmation that licence application information remained correct (sections 10(1)(a) and (b)).
• Action taken: CIMA revoked the Company's Insurance Broker Licence under section 24(2)(c) of the Insurance Law, 2010.
• Grounds for revocation: CIMA found, 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 being directed and managed in a fit and proper manner.
• Effective date: The revocation decision took effect on 30 January 2019.

This notice is specific to First Financial Insurance Brokers Ltd. and its director; it does not create ongoing obligations for other regulated entities but illustrates the consequences of failing to pay licence fees/penalties and file annual returns under the Insurance Law, 2010.

Applies to

insurance brokers, insurance broker licensees

Deadlines

• 30 January 2019: Effective date of the revocation of First Financial Insurance Brokers Ltd.'s Insurance Broker Licence.