Insurance brokerage Intrepidus Insurance Services (Bermuda) Ltd has had its registration cancelled by the Bermuda Monetary Agency.
The BMA took the enforcement action after investigating a complaint made about the company’s business practices and conduct.
In a statement, the BMA said it was satisfied that the company had “provided false, misleading or inaccurate information; not complied with the requirement made of it under the Act, and not fulfilled the minimum criteria”.
It said the broker had not appealed against the action during a ten-day appeal period that ended on Monday.
Intrepidus Insurance Services gained its registration from the BMA in January 2016.
In announcing the enforcement action, the BMA stated it was taking the action “to safeguard the interests of former, current and potential clients of the company” and it said it viewed the breaches as serious because of their nature and extent, and because “they demonstrated systemic weaknesses of the company’s internal controls in all regards”.
The BMA said it investigated the complaint against the company and based on the findings it “no longer had confidence in the company’s ability to manage its affairs to the benefit of its clients or satisfy the minimum criteria as detailed in Schedule 1 of the Act. The cancellation of the company’s registration highlights the importance of the Authority’s role in protecting the reputation of the jurisdiction and protecting the interests of clients of the Authority’s regulated entities.”
The BMA added: “If any former or current clients of the company wish to make a formal complaint to the Bermuda Police Service, please contact Paul Ridley at firstname.lastname@example.org or at 247-1375.”
The Royal Gazette has attempted to contact Henry Sutton, president and chief executive officer of Intrepidus Insurance Services, by phone and e-mail.