Intrepidus Insurance Services (Bermuda) Limited has been stripped off its licence due to breaches described as “serious” by the British island territory’s financial services regulator.
Cancelling the Hamilton-based firm’s insurance brokerage registration, the Bermuda Monetary Authority (BMA) said it “no longer had confidence in the company’s ability to manage its affairs to the benefit of its clients.” The authority is also unconvinced that Intrepidus Insurance Services can still satisfy the minimum criteria set out by the Insurance Act 1978.
In its announcement, the BMA did not elaborate on the breaches but said they came to light following a complaint about the broker’s business practices and conduct. The watchdog’s probe found that Intrepidus Insurance Services provided false, misleading, or inaccurate information for the purposes of the Act; has not complied with a requirement made of it under the Act; and has not fulfilled the minimum criteria.
“The authority is taking this action to safeguard the interests of former, current, and potential clients of the company,” the BMA stated. “It viewed the above breaches as serious because of their nature and extent, and because they demonstrated systemic weaknesses of the company’s internal controls in all regards.”
Intrepidus Insurance Services, which had a 10-day appeal period, did not appeal the decision.
“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 [email protected] or at 441-247-1375,” added the regulator.
