Both the Cayman Island’s Monetary Authority (CIMA) and the Florida Office of Insurance Regulation have cancelled the insurance manager’s licences of CTS Captive Management (CTS).
In a letter addressed to directors Sarah Perry and John Rearer and dated 5 January 2021, CIMA states that the company remained in breach of the Insurance Act 2010,
The letter also states that a warning notice was sent to CTS Captive Management on 5 November 2020.
CTS was in breach of the act, according to CIMA, for failing to pay annual fees for 2019 and 2020, for failing to submit an annual report for 2018 and 2019, and for failing to give 60 days notice for the proposed termination of an insurance management agreement.
CIMA stated that not only had CTS breached the act, but that the “direction and management of the company’s business has not been conducted in a fit and proper manner” and that “the company is or appears likely to be unable to meet their obligations as they fall due”.
Captive Review can reveal that the Florida branch of CTS Captive Management also had its licence revoked in September 2020 for failing to submit an annual report. Under Florida law, insurance managers must submit a report each year or have their licence cancelled.
The Delaware branch of CTS Captive Management appears to still have its insurance management licence.
CTS Captive Management is a subsidiary of Carrier and Technology Solutions, LLC. As well as CTS captive management, other subsidiaries include CTS Underwriters, CTS Audit Services, CTS Risk Services and CTS Risk Consultants.
CTS Risk Consultants and CTS Risk Services both no longer have operating websites, and do not appear to be active companies.