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Public Statement RE: Positive Reinsurance Ltd

TAKE NOTICE that effective 11 March 2022 Positive Reinsurance Ltd (“Positive”) is restricted from writing any new insurance business in the TCI until further notice.

The restriction on writing new business was made by Directive issued pursuant to section 37 of the Financial Services Commission Ordinance (FSCO) due to Positive’s failure to submit information as directed pursuant to section 37 of the FSCO.

A Penalty Notice was also issued against Positive for its failure to comply with section 12(1) of the Insurance Ordinance.

If you have entered into a new insurance agreement with Positive after 11th March 2022, please contact the Commission immediately. The Commission can be contacted at Tel: (649) 946-5314/2791 or fsc@tcifsc.tc to make a report or to obtain additional information or clarification on this notice.

The public is advised to note and be guided accordingly.

Turks and Caicos Islands
Financial Services Commission

Public Statement – 24th March 2022