Monitor Insurance Services Limited
Please note that Monitor Insurance Services ceased accepting new business in September 2013 and is in run-off.
Please use the contact details below for any enquiries:
Please contact us in writing for any enquiries using the details below.
Address: Suite 3, 2nd Floor, Icom House, 1-5 Irish Town
Response to the FSC Notice:
The directors of Monitor Insurance Services Limited ("Monitor") have agreed a settlement with the regulator. The directors are saddened by the outcome and make the following observations on the circumstances of the settlement:
The reference to Lemma Europe Insurance Company Limited (“Lemma”) in the subject matter of the notice is misleading. The FSC enquiry into the conduct of Messrs Levett and Rowe was in relation to Monitor, which acted as agent of Lemma in relation to a delegated authority. Messrs Levett and Rowe held no employment or executive management function within Lemma.
The alleged failing relates to the provision of a document by Monitor in December 2010, namely a premium bordereau and related documents, which were considered incomplete. There is no finding that the documents were false or misleading. Monitor provided evidence to the FSC that this document was prepared in the format stipulated by the management of Lemma who were principal of the delegated authority.
For the absence of doubt Monitor and the directors confirm that all risks were notified to Lemma and all gross premiums reported and remitted in full within the terms of the delegated authority or as directly instructed by Lemma from time to time.
Monitor fully co-operated with the FSC enquiry.
Following legal advice Messrs Levett and Rowe settled the matter without accepting the conclusions reached by the FSC nor admission of liability in respect of those conclusions. Monitor had, prior to any settlement, already ceased accepting new business in September 2013 and conveyed this decision to the regulator. As such the majority of business and run-off has already been transferred.
The FSC closed their enquiry without any finding that Messrs Levett and Rowe were not fit and proper.