The Cayman Islands Monetary Authority has revoked the insurance managers licence of CTS Captive Management for regulatory breaches and insolvency.
In an enforcement notice to the directors of the company, Sarah Perry and John Rearer, issued on 5 Jan., the insurance regulator said following its warning notice on 5 Nov. 2020, the company remains in breach of the Insurance Act.
Specifically, CTS Captive Management has failed to pay the annual licence fee and penalties for 2019 and 2020, and has not submitted annual returns for 2018 and 2019.
In addition, the company failed to give written notice of the proposed termination of its insurance management agreement.
CIMA said it has revoked the licence because the company is not complying with the Insurance Act, appears likely to become unable to meet its obligations and has not been run in a fit and proper manner.