The Barbados Financial Services Commission announced enforcement action in relation to Equity Insurance Company Ltd to safeguard policyholders and support stability in the insurance market, including the appointment of a Manager to oversee the insurer’s operations under enhanced supervision and the initiation of a process that could result in licence revocation if remediation is not adequate. Recent examinations identified areas where Equity’s internal systems, controls and governance require significant strengthening, and the Commission said earlier directives had not been sufficient. Statutory notices issued on 14 July 2025 set out the Commission’s intention to seize management and control and appoint a Manager under the Financial Services Commission Act 2010-21, and its intention to revoke Equity’s licence if the company does not demonstrate adequate remediation. Craig Waterman of PriceWaterhouseCoopers SRL was appointed Manager effective 18 August 2025 to oversee day-to-day operations and guide the next phase of supervision. Existing policies remain valid, claims and customer service will continue under the Manager’s oversight, renewals remain at the discretion of the company and policyholders, and no new business will be written during this period. The Commission indicated that Equity will have opportunities to present its case and demonstrate why licence revocation should not be required, and that further updates will be provided as the process advances.
Barbados Financial Services Commission 2025-08-18
Barbados Financial Services Commission appoints a manager for Equity Insurance and begins steps that could lead to licence revocation
The Barbados Financial Services Commission has taken enforcement action against Equity Insurance Company Ltd, appointing a Manager to assume day-to-day control and initiating a process that could lead to licence revocation if remediation is inadequate. The action follows examinations that found significant weaknesses in Equity’s systems, controls, governance and non-compliance with earlier directives. Existing policies remain valid, claims and customer service will continue, renewals are permitted at the discretion of the company and policyholders, and no new business will be written.