The Bermuda Monetary Authority has warned that Custody Life Bermuda Ltd. falsely claims on its website to hold a Bermuda life insurance charter and to be licensed and regulated as a class IILT digital life insurer. The company has been added to the authority’s warning list. Custody Life Bermuda is not registered to conduct insurance business under the Insurance Act 1978 and is not licensed under any other legislation administered by the authority. Its activities are therefore not subject to the authority’s regulatory or supervisory oversight, and anyone dealing with the company does so at their own risk.
Bermuda Monetary Authority warns Custody Life Bermuda falsely claims to be licensed and regulated
The Bermuda Monetary Authority has warned that Custody Life Bermuda falsely claims to be a licensed and regulated class IILT digital life insurer. The company is not registered or licensed by the authority and has been added to its warning list.