Tuesday, February 24, 2009

Advisory Warning on BVI Insurance Company issued by the Commission

On 17 February 2009, the British Virgin Islands Financial Services Commission issued Advisory Warning No. 1 of 2009 concerning insurance company Source One Insurance Ltd. The Commission informed the public that the company is no longer licensed under the Insurance Act, 1994, to carry on insurance business from the BVI territory, based on the fact that the licence granted to Source One Insurance Ltd. expired on 31 December 2007 and has not been renewed since that time.

The BVI company tried to continue its operations into another jurisdiction but could not because it has failed to comply with the BVI's laws and requirements to do so.

The BVI FSC advised public to exercise extreme caution in conducting any transactions with Source One Insurance Ltd., as it has no licence to carry on insurance business in or from within the British Virgin Islands.

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