Wednesday, May 16, 2007

1st Advisory Warning of 2007 Issued by the BVI FSC

On May 7, the British Virgin Islands Financial Services Commission has issued Advisory Warning No. 1 of 2007, signed by Robert Mathavious. The first Advisory Warning of this year concerns Dexter Insurance Company, Ltd., stating that the company is no longer licensed by the BVI FSC to conduct insurance business.

The reason is that Dexter's licence to carry on insurance business from within the BVI has not been renewed since December 31, 2006. The Financial Services Commission advised public not to conduct insurance business with Dexter, based on the fact that it is licensed to carry on business from within the BVI.

The issues coming under the power of the BVI FSC are licensing and following supervision of regulated activities such as insurance, mutual funds, banking and trust business, carried on in or from the BVI territory. Advisory Warnings are published by the Commission on its site for the general publics, to protect them from scams, misunderstandings or offences.

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