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Regulatory Settlement Agreement between the GFSC and Nicholas Cruz

13 Jul 21

Enterprise Insurance Company Plc (In Liquidation) (“EIC”) which is currently in liquidation, is a Gibraltar registered company which was authorised by the GFSC to undertake and carry on certain insurance business in or from within Gibraltar. Mr Cruz was a Non-Executive Director of EIC from 2003 to 2016 during which he was the Non-Executive Chairman from 2014 to 2016.

A Regulatory Settlement Agreement (“RSA”) has been entered into between the Gibraltar Financial Services Commission (“GFSC”) and Mr Nicholas Cruz, following the GFSC’s investigation into the insolvency of EIC and its compliance with regulatory obligations.

The RSA addresses shortcomings that Mr Cruz recognises exist in respect of his role as a Non-Executive Director, namely, he failed to provide the Executive Directors with adequate challenges, which in the GFSC’s view falls short of its regulatory expectations and for which he has accepted a sanction. The GFSC has not made any adverse findings in relation to Mr Cruz’s integrity.