The Cayman Islands Monetary Authority (CIMA) has revoked CTS Captive Management insurance managers licence for regulatory breaches and insolvency, effective 30 December 2020.
In a letter sent to CTS Captive Management directors Sarah Perry and John Rearer, on 5 January 2021, CIMA highlights the firm is still in breach of the Insurance Act 2010.
It states CTS failed to pay its annual license fees and accrued penalties for 2019 and 2020 as well as failing to submit annual returns within six months of the end of its financial years 2018 and 2019.
CIMA also notes that CTS did not give 60 days written notice of the proposed termination of the insurance management agreement.
This decision letter follows the initial warning notice sent to CTS Captive Management on 5 November 2020.
CIMA’s decision was based on its view that the company is or appears “likely to become unable to meet its obligations as they fall due”.
In addition, it states that the company has contravened the Insurance Act and finally the direction and management of the company’s business has not been conducted in a “fit and proper manner”.
