The Cayman Islands Monetary Authority (CIMA) revokes the Class B(ii) insurer’s licence of Progressive Grocers Insurance SPC, effective 1 September, after finding five outstanding breaches of the Insurance Act 2010 and its capital and solvency regulations. The authority revokes licence number 1468600 under section 24(2)(c) of the Act. The decision follows a warning notice issued to the company’s directors on 4 June. The breaches are of the Act and the Insurance (Capital and Solvency) (Classes B, C and D Insurers) Regulations 2018 Revision. The company failed to maintain the prescribed margin of solvency in each segregated portfolio, as required of a Class B insurer established as a segregated portfolio company. The company also failed to maintain a margin of solvency in accordance with prescribed solvency requirements at company level, and failed to maintain capital in accordance with prescribed capital requirements. It failed to pay its annual licence fees and accrued penalties for 2025 and 2026, and failed to file audited financial statements for the year ended 31 December 2024. In its reasons, given under sections 24(1)(a), (d) and (e) of the Act, the authority states that the company “is or appears likely to become unable to meet its obligations as they fall due”, has contravened provisions of the Act, and has failed to comply with a condition of its licence or with section 8(2) of the Act. The company has the right to appeal the decision to the Grand Court under section 34 of the Act.
