The Bermuda Monetary Authority (BMA) has published an order of prohibition against Mr David Douglas King, a former director of Swift Intermediaries Ltd, banning him from performing specified senior functions and from conducting any regulated activity under the Insurance Act 1978 for three years with effect from 14 May 2025. The BMA concluded that King was not a fit and proper person, citing concerns about his probity, competence and soundness of judgment, and a lack of diligence in his director role. It found he failed to ensure the company complied with statutory obligations under the Insurance Act, the Insurance Brokers and Insurance Agents Code of Conduct, the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008, the Exchange Control Regulations 1973 and the Companies Act 1981. The prohibition covers the functions of Director, Controller, Chief Executive, Officer, Senior Executive and Associate, as defined in the Insurance Act, and any “Regulated Activity” as defined in Section 32H(8). King appealed the prohibition to the Insurance Appeal Tribunal, which upheld the BMA’s order in a ruling published on 24 April 2025 in the Official Gazette. With no further appeal lodged, the BMA confirmed the order is in effect and published the details as required by Section 32H(7) of the Insurance Act.
Bermuda Monetary Authority 2025-05-14
Bermuda Monetary Authority issues a three-year prohibition order against David Douglas King under the Insurance Act
The Bermuda Monetary Authority (BMA) has issued a three-year prohibition order against David Douglas King, former director of Swift Intermediaries Ltd, barring him from senior functions and regulated activities under the Insurance Act 1978. The BMA cited concerns over King's probity, competence, and failure to ensure compliance with statutory obligations. The Insurance Appeal Tribunal upheld the BMA's order, which is now in effect.