Company: OXBRW
Filing Date: 2025-03-26
Form Type: 10-K
Source: 0001641172-25-000736
Chunk: 317

Company: OXBRIDGE RE HOLDINGS Ltd
Filing Date: 2025-03-26
Form: 10-K
Item: Item 1
Chunk 317
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 someone who would qualify or be seen as a person suitable to hold the respective
    position;

    ●
    any person who is either
    holding or acquiring control or ownership of the licensee is not a fit and proper person to have such control or ownership;

    ●
    the licensee has ceased
    to carry on business; or

    ●
    the licensee is placed
    in liquidation or is dissolved;

CIMA
may take one of a number of steps, including:

    ●
    requiring the licensee
    to take steps to rectify the matter;

    ●
    suspending the license
    of the licensee pending a full inquiry into the licensee’s affairs;

    ●
    revoking the license;

    ●
    imposing conditions upon
    the licensee in terms of decisions made by it, including the suspension of voting rights or nullification of votes cast by it, and
    amending or revoking any such condition;

    ●
    requiring the substitution
    or removal of any director, manager or officer of the licensee, at the expense of the licensee;

    ●
    appointing a person to
    advise the licensee on the proper conduct of its affairs, at the expense of the licensee;

    ●
    appointing a person to
    assume control of the licensee’s affairs; or

    ●
    otherwise requiring such
    action to be taken by the licensee as CIMA considers necessary.

Failures
to comply with a direction given by CIMA may be punishable by a fine of up to five hundred thousand Cayman Islands dollars (US$609,756.10
based on the Cayman Islands’ pegged exchange rate of CI$0.82 per US$1.00) or imprisonment for a term of five years or both, and
a fine of an additional ten thousand Cayman Islands dollars (US$12,195.12) for every day after conviction on which the offense so continues.

Our
reinsurance subsidiaries are subject to minimum capital and surplus requirements, and our failure to meet these requirements could subject
us to regulatory action.

Pursuant
to the Capital and Solvency Regulations, Oxbridge Reinsurance Limited and Oxbridge Re NS, our reinsurance subsidiaries, are each required
to maintain the statutory minimum capital requirement (as defined under the Capital and Solvency Regulations) of $500 and prescribed
capital requirement (as defined under the Capital and Solvency Regulations) of $500, and a minimum