The Cayman Islands Monetary Authority (CIMA) has revoked the licence of CTS Captive Management for breaching the terms of the Insurance Act 2010.
The action was effective from December 30, 2020.
CIMA said CTS appeared to be unable to meet its obligations under the terms of the Act, and noted that its management “has not been conducted in a fit and proper manner.”
CIMA had issued a warning notice to CTS on November 5, 2020, warning that it was in breach of the rules for failing to pay its annual licence fees and accrued penalties for 2019 and 2020. It had also failed to submit annual returns within six months of the end of its financial year for 2018 or 2019, and failed to give 60 days written notice of the proposed termination of the insurance management agreement.
Cayman Islands Monetary Authority, CIMA, CTS Captive Management