The Cayman Monetary Regulatory Authority International (“the Authority”) has imposed a discretionary fine of CI$16,950.00 on Providers Re SPC (“the Company”) in accordance with sections 42A and 42B of the Monetary Authority Act (2020 Revision) (as amended) for breaching a prescribed provision of the Insurance Act, 2010 (as amended) (“the Act”).
The administrative fine was levied due to the Company’s failure to comply with section 8(4)(a) of the Act, which relates to:
(1) The failure of a Class B Insurer, established as a segregated portfolio company under Part XIV of the Companies Act (as revised), to maintain the required margin of solvency for each segregated portfolio.
This case underscores the significance of licensees adhering to regulatory requirements as per the Cayman Islands’ regulatory acts and regulations (“the Regulatory Framework”) to ensure they operate in a sound and secure manner.
The Authority remains dedicated to enforcing the Regulatory Framework through its on-site, off-site, and other monitoring activities. It will continue to act with vigilance in such matters and will treat breaches of the jurisdiction’s regulatory acts and regulations with seriousness, taking appropriate enforcement measures where necessary.
Be the first to know about releases and industry news and insights.