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Preferred Life Insurance Limited was struck off the BVI company register on 25 November, 2010, the licence having been revoked on 7 June, 2012.

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