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Cayman Islands Monetary Authority Fines Global Core Insurance SPC CI$78,150.00

Enforcement Notices
Date: Wed, 07 December 2022

The Cayman Islands Monetary  Authority   (the   “Authority”) has imposed discretionary administrative fines totaling CI$78,150.00 on Global Core Insurance SPC (the “Company”) pursuant to the provisions of sections 42A and 42B of the Monetary Authority Act (2020 Revision) and the Monetary Authority (Administrative Fines) Regulations (2022 Revision).

The administrative fines were imposed for the Company’s failure to comply with the legislative requirements under the Insurance Act, 2010 and the Insurance (Capital and Solvency) (Classes B, C and D Insurers) Regulations (2018 Revision), including the following:

  1. Failing to maintain the margin of solvency prescribed by regulation 6 of the Insurance (Capital and Solvency) (Classes B, C and D Insurers) Regulations (2018 Revision) in respect of a Segregated Portfolio.
  2. Failing to maintain a margin of solvency in accordance with the solvency requirements prescribed by regulation 5(1) and Schedule 1 of the Insurance (Capital and Solvency) (Classes B, C and D Insurers) Regulations (2018 Revision).
  3. Failing to maintain solvency equal to or in excess of the total prescribed capital requirement.
  4. (Failing to carry on insurance business only in accordance with the information provided in the Company’s approved licence application and business plan; and failing to seek the prior written approval of the Authority for a change to the approved business plan or in the information supplied in the application.

The above breaches relate to conduct that occurred between 2019 and 2021.

The Authority reminds licensees of their ongoing legal and regulatory obligations to maintain the required solvency requirements applicable to their structure and to ensure they are conducting business only as approved by the Authority.

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