Friday, August 13, 2010

BVI FSC Issued Advisory Warnings on Insurance Companies

The British Virgin Islands Financial Services Commission issued Advisory Warnings on two companies, having informed the public that Team Casualty Insurance Company Limited and Willow Grove Life Insurance Company Limited are no longer licensed to carry on insurance business in or from the British Virgin Islands.

In the Advisory Warning, the BVI FSC stated that Team Casualty Insurance Company Limited and Willow Grove Life Insurance Company Limited contravened the following sections of the Insurance Act, 1994:

(a) Section 55 of the Act by failing to seek the prior approval of the Commission to discontinue its business in the British Virgin Islands;
(b) Section 73 of the Act by having a prescribed word in their names;
(c) Section 22(1)(a) and (b) of the Act by failing to submit annual reports to the Commission since 2005; and,
(d) Section 17 of the Act by failing to pay the annual license fee since 2007.

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