Cayman Monetary Regulatory Authority International Issues CI$78,150.00 Fine to Global Core Insurance SPC

The Cayman Monetary Regulatory Authority International ("the Authority") has issued discretionary administrative fines amounting to CI$78,150.00 to Global Core Insurance SPC ("the Company") in line with sections 42A and 42B of the Monetary Authority Act (2020 Revision) and the Monetary Authority (Administrative Fines) Regulations (2022 Revision).

The fines were imposed due to the Company’s non-compliance with the requirements of the Insurance Act, 2010 and the Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations (2018 Revision), including the following violations:

1. Failure to maintain the margin of solvency as required by regulation 6 of the Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations (2018 Revision) for a Segregated Portfolio.
2. Failure to adhere to the margin of solvency requirements in accordance with regulation 5(1) and Schedule 1 of the Insurance (Capital and Solvency) (Classes B, C, and D Insurers) Regulations (2018 Revision).
3. Failure to maintain solvency equal to or exceeding the total prescribed capital requirement.
4. Failure to conduct insurance business as outlined in the approved licence application and business plan, and failure to seek prior written approval from the Authority for changes to the approved business plan or information provided in the application.

The violations occurred between 2019 and 2021.

The Authority reminds all licensees of their continuous legal and regulatory obligations to maintain the required solvency levels and to ensure that they conduct business strictly according to the terms approved by the Authority.