BMA Prohibition Order Against Joakim Samuelsson
The Bermuda Monetary Authority [BMA] has issued a prohibition order against Mr. Joakim Samuelsson.
A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] today announces that it has issued a prohibition order against Mr. Joakim Samuelsson, pursuant to section 32H of the Insurance Act 1978 [Insurance Act], following the conclusion of an enforcement process conducted in accordance with the Insurance Act.
“Mr. Samuelsson was, at all material times, a director, officer and controller of Custodian Life Limited [Custodian], a Bermuda-registered Class C long-term insurer.
Prohibition Order
“The Authority has issued a prohibition order, which provides that for an indefinite period, Mr. Samuelsson is prohibited from being a controller of any description, director, officer, chief executive, senior executive or associate of any entity or person registered under the Insurance Act.
“The definitions of “controller,” “director,” “officer,” “chief executive,” “senior executive,” and “associate” used herein have the same meaning as those in Section 1A of the Insurance Act.
Publication of the Decision
“Section 32H[7] of the Insurance Act requires the Authority to publish a prohibition order that is in effect in such manner as it considers appropriate to bring the order to the attention of the public.”
