Thursday, November 01, 2007

BVI FSC Issues 2nd Public Statement on Boston Life and Annuity Company Limited

Yesterday the British Virgin Islands Financial Services Commission has issued the 2nd Public Statement concerning Boston Life and Annuity Company Limited, pursuant to Section 37A of the Financial Services Commission Act 2001. The document was published on the official site of BVI FSC on October 31.

The previous public announcement concerning Boston Life and Annuity Company Limited, and signed by managing director/CEO of the Commission Robert Mathavious, was published on July 13 of this year. Both public statements were issued to protect the public interest of those who are related to Boston Life and Annuity Company Limited, including customers, creditors, or investors of the company.

In the public announcement published on July 13, 2007, the Commission issued a directive to the company, that prohibited Boston Life to enter into new contracts for insurance business for 90 days, until the notice provided by the BVI FSC. In the last public statement, BVI FSC informed that:

- The cease and desist Directive published on July 13 to Boston Life and Annuity Limited is extended, until such further date as the Commission may specify.

- The Directive was extended in order to facilitate the Commission's ongoing investigations into the Company, and for the preparation of the investigative report by Kroll Inc., the Examiner conducting the investigations on behalf of the Commission.

Among the other documents issued by the BVI FSC during this year to protect general publics from scams, misunderstandings or offences, there was also Advisory Warning No. 1, concerning Dexter Insurance Company, Ltd.

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