Reinsurance Company Engaging in Business Without Proper Authorisation (2017-10-17)

Summary

This is a public warning notice issued by the Cayman Islands Monetary Authority (CIMA) alerting the public and industry that JPJ Reinsurance Company SPC, the holder of an Unrestricted Class "B" insurance licence granted in February 2007, has been found engaging in insurance business without proper authorisation under the Insurance Law (2008 Revision). CIMA states that, at the time of the notice, JPJ is not authorised to conduct insurance business, provide reinsurance, or issue financial instruments in any capacity.

The notice does not apply broadly to the insurance or reinsurance industry as a class; it is a company-specific enforcement/warning notice naming JPJ Reinsurance Company SPC. It appears intended to inform policyholders, counterparties, and the public that dealings with JPJ in an insurance or reinsurance capacity are unauthorised, and implicitly warns other market participants against transacting with JPJ in that capacity.

There are no ongoing compliance obligations imposed on licensees generally by this notice; it is informational in nature, alerting the market to the unauthorised activity of a single named entity rather than creating new regulatory requirements.

Applies to

reinsurance companies