Regulatory Alerts2026-09-02
Added · Updated
Decision Notice Revoking Class B(ii) Insurer Licence for Progressive Grocers Insurance SPC, LTD.
The Cayman Islands Monetary Authority revoked the Class B(ii) Insurer’s Licence of Progressive Grocers Insurance SPC, LTD. effective 01 September 2026. The revocation was based on breaches of the Insurance Act, 2010, including failure to pay annual licence fees and penalties for 2025 and 2026, failure to maintain required solvency margins and capital, and failure to file audited financial statements for the year ended 31 December 2024. The Company retains the right to appeal the decision to the Grand Court under section 34 of the Act.
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