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.

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