Cayman Islands Monetary Authority Fines Artex Risk Solutions (Cayman) Limited CI$95,409.11

The Cayman Islands Monetary Authority (the  “Authority”) has imposed discretionary administrative fines totalling  CI$95,409.11 on Artex Risk Solutions (Cayman) Limited (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 Regulations”).

The administrative fines were imposed on the Company in respect of the following conduct:

1. Knowingly or wilfully supplying false or misleading information to the Authority in relation to an application submitted to the Authority on behalf of a managed insurance company at the relevant time.
2. Obtaining information about a material change in a managed insurance company’s business that had not been reported to the Authority and failing, as insurance manager of  the company at the relevant time, to report this material change to the Authority.
3. Obtaining information or suspecting that a managed insurance company was carrying on or attempting to carry on business otherwise than in compliance with the Insurance Act, 2010 or the Regulations and failing, as insurance manager of the company at the relevant time, to report this to the Authority.

The above breaches relate to conduct that occurred between 2020 and 2021.

The Authority reminds licensed Insurance Managers of their ongoing legal obligation to report any unauthorised material change in the business plan of an insurance company under their management and any other instances of non-compliance with legal and regulatory requirements to the Authority.