The Bermuda Monetary Authority [BMA] has warned that an entity calling itself Custody Life Bermuda Ltd has falsely claimed to be licensed and regulated by the Authority, and has added the company to its warning list.
A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] is aware of a website for Custody Life Bermuda Ltd [Company], www.custodylife.com [website] which falsely states that the Company ‘holds an innovative life-insurance charter under the Bermuda Monetary Authority’.
“The website further falsely provides that the Company ‘is a digital life insurer carrier licensed and regulated by the Bermuda Monetary Authority under class IILT.’
“The Company has not been registered to carry on insurance business under the Insurance Act 1978 or licensed under any other Act to carry on business that is administered under Bermuda law by the Authority.
“The Authority reminds the public that conducting business with unregulated entities may increase the risk of adverse outcomes for potential investors. Therefore, persons who conduct business with this entity do so at their own risk, as there is no regulatory or supervisory oversight of its business undertaken by the Authority.
“The Company has been added to the list of firms and individuals who have publicly made false statements of being licensed or registered by the Authority, or who have or intend to undertake unregulated activity at www.bma.bm/warning-list.
The Bermuda Monetary Authority [BMA] has warned that an entity calling itself Custody Life Bermuda Ltd has falsely claimed to be licensed and regulated by the Authority, and has added the company t...