Motor & General Insurance Company Limited – Controllership ends and Licence Revoked (2021-02-19)

Summary

This is a public enforcement notice from CIMA announcing the conclusion of a controllership over the Cayman Branch of Motor & General Insurance Company Limited (M&G Cayman) and the revocation of the company's insurance licence. It is purely informational and relates to this specific entity only; it does not create ongoing obligations for other licensees.

• Controllership ended: CIMA received the Final Report of the Controllers (Simon Conway and Jess Shakespeare of PwC Corporate Finance & Recovery (Cayman) Limited), confirming the Cayman Branch ceased carrying on insurance business, and revoked their appointment effective 18 February 2021 under section 24(5)(a) of the Insurance Act (2010 Revision).
• Licence revoked: M&G Cayman's Class A External Insurer's Licence was revoked pursuant to section 24(5)(d) of the Insurance Act (2010 Revision).
• Winding up matters: The Trust account has been closed, all outstanding liabilities settled, and the Company is being removed from the Companies Register.

Applies to

Class A External Insurer, Cayman Branch of an external insurer