Thursday, June 21, 2012

The BVI FSC Issued Public Statement on Insurance Company


The British Virgin Islands Financial Services Commission issued the public statement concerning Western Preferred Life Assurance Limited, also operating as Western Preferred Life Insurance Limited, which has discontinued out of the BVI jurisdiction into another one.

The public statement informs that the company is no longer licensed or regulated by the FSC and is subject to enforcement action that remains outstanding.

Western Preferred Life Insurance Limited was formerly licensed by the FSC to conduct general insurance business from within the BVI territory in the class of Property Insurance, Liability Insurance, Financial Loss Insurance, and Accident & Health Insurance. In 2010, an administrative penalty was imposed on the company, in the amount of US$4,000.00 for failing to submit audited financial statements within the required period. Then, the same year, the FSC required the company to implement a plan of prescribed remedial actions by a deadline of 31 January, 2011. The administrative penalty was not paid, and the remedial actions have not been implemented by the company.

Western Preferred Life Insurance Limited was struck off the BVI company register on 25 November, 2010, the licence having been revoked on 7 June, 2012.

Wednesday, June 13, 2012

BVI FSC Publishes Advisory Warning on the Belarus Order, 2011

The British Virgin Islands Financial Services Commission issued advisory warning, informing on the publication of The Belarus (Restrictive Measures) (Overseas Territories) Order, 2011.

By this notice, The Belarus (Restrictive Measures) (Overseas Territories) Order, 2006 has been revoked, and notice is further given of the Belarus (Restrictive Measures) (Overseas Territories) Order, 2011 which has been amended by the Belarus (Restrictive Measures) (Overseas Territories) (Amendment) Order, 2011.

These Orders give effect to restrictive measures adopted by the European Union in respect of Belarus, which include prohibition on the supply and delivery of arms and related material, the freezing of the funds and economic resources, and prohibition on making funds and economic resources available to persons or entities listed in Annex I and IA to the Council Regulation. This information is published on the EU website at http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2006:134:0001:0011:EN:PDF.

Wednesday, June 06, 2012

BVI FSC Issues Public Statements on Insurance Companies

The British Virgin Islands Financial Services Commission has issued public statements concerning the following companies: Hove Insurance Company Limited, Settlement Casualty Corporation, and Vessia Insurance Company Limited. By the public statements, the general public becomes aware that these companies are no longer licensed or regulated by the Commission, and are subject to enforcement action that remains outstanding. All the three companies were formerly licensed by the BVI FSC to conduct insurance business from within the territory.

In October, 2010, the BVI FSC imposed an administrative penalty on Hove Insurance Company Limited, in the amount of US$4,000.00 for failing to timely submit audited financial statements. The company did not pay it, and as a result of the non-payment of its fees, on 1 May, 2010 it was struck off the BVI company register maintained at the Registry of Corporate Affair. It is no longer licensed and regulated by the Commission, the license having expired on 31 December, 2009.

In November, 2010, the Commission imposed an administrative penalty on Settlement Casualty Corp, in the amount of US$5,000.00 for failing to submit audited financial statements to the FSC within the approved or prescribed period. This administrative penalty was not paid, and remains outstanding. The company was struck off the BVI company register as a result of the non-payment of its fees. The license of the company has expired on 31 December, 2009.

In December 2009, the FSC imposed an administrative penalty on Vessia Insurance Company Limited in the amount of US$4,000.00, for failing to submit audited financial statements to the FSC within the approved or prescribed period. This administrative penalty was not paid, and remains outstanding. In June, 2011 the Commission imposed an administrative penalty on the company in the amount of US$6,000.00. The company was struck off the register on 1 May, 2010, as a result of the non-payment of its fees. The company is no longer licensed and regulated by the FSC, the license having expired on 31 December, 2009.