Decision Notice - Port Royal Reassurance Company SPC, Limited (2021-05-05)

Summary

This is a Decision Notice issued by CIMA revoking the Class B(iii) Insurer's Licence of Port Royal Reassurance Company SPC, Limited, following a prior Warning Notice dated 9 February 2021. It sets out the specific breaches of the Insurance Act, 2010 that led to the revocation and confirms the date the revocation takes effect.

• Director requirement: Failure to maintain a minimum of two directors, contrary to section 4(4)(f) of the Insurance Act, 2010.
• Licence fees: Failure to pay the 2019, 2020 and 2021 Annual Licence Fees and associated penalties, contrary to section 7(1).
• Solvency and capital: Failure to maintain the prescribed margin of solvency and prescribed capital requirements, contrary to sections 8(2)(a) and (c).
• Audited financial statements: Failure to submit audited financial statements for the years ended 31 December 2015 to 2019, contrary to section 9(1)(a).

Based on these ongoing breaches, CIMA formed the opinion under sections 24(1)(a) and (d) that the Company was, or was likely to become, unable to meet its obligations as they fall due and had contravened the Act. The Authority therefore revoked the licence under section 24(2)(c), effective 4 May 2021.

Applies to

insurers (Class B licensees), directors of licensed insurers

Deadlines

• 4 May 2021: Effective date of CIMA's decision to revoke Port Royal Reassurance Company SPC, Limited's Class B(iii) Insurer's Licence.