Decision Notice - Radmak International Incorporated Ltd (2017-01-27)

Summary

This is a Decision Notice issued by the Cayman Islands Monetary Authority (CIMA) revoking the Insurance Broker License of Radmak International Incorporated Ltd (Lic. #2964). It is an enforcement action addressed to the company's directors and shareholders, Mr. Roy McKenzie and Mr. Kurt McKenzie, following a prior Warning Notice dated 19 July 2016.

• Breaches found: The company failed to pay annual license fees and penalties for the years 2013 to 2017, and failed to seek CIMA's prior approval for a change in shareholding exceeding ten per cent, in breach of Sections 7(1), 7(2) and 12(1) of the Insurance Law, 2010.
• Action taken: CIMA revoked the company's Insurance Broker License under Section 24(2)(c) of the Insurance Law.
• Grounds for revocation: CIMA found, under Section 24(1)(a),(b),(d) and (f), that the company appeared likely to become unable to meet its obligations, was carrying on business detrimental to the public interest or to creditors/policyholders, had contravened the Law, and was not being managed in a fit and proper manner.
• Effective date: The revocation decision took effect on 27 January 2017.

This notice is purely informational as a public enforcement record; it documents a completed regulatory action against a named licensee rather than imposing new ongoing obligations on other regulated entities.

Applies to

insurance brokers, insurance licensees