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

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) revoking the Class B(iii) Insurer Licence of Intrepid Re, SPC (Lic. #584076). It follows an earlier Warning Notice dated 25 March 2020 and confirms that the company remained in breach of the Insurance Law, 2010.

• 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 Law, 2010.
• Solvency and capital breach: Failure to maintain the prescribed margin of solvency and prescribed capital requirements under section 8(2)(a) and (c).
• Audited accounts breach: Failure to prepare and submit audited financial statements for the years 2016 through 2018, contrary to section 9(1)(a).
• Action taken: CIMA revoked the company's Class B(iii) Insurer Licence under section 24(2)(c) of the Law, effective 10 June 2020, on the grounds under section 24(1)(a), (d) and (f) that the company appeared unable to meet its obligations, had contravened the Law, and was not conducted in a fit and proper manner.

The notice is addressed to the company's directors and is company-specific; it does not create ongoing obligations for other licensees but serves as a public record of CIMA's enforcement action against this particular insurer.

Applies to

Class B(iii) insurers, insurance companies licensed under the Insurance Law, 2010