CLICO, BAICO and CL Financial - Advisory Warning No. 2 of 2009

Summary

This is a public advisory warning issued by the BVI Financial Services Commission in 2009 concerning three entities linked to a well known regional insurance collapse: Colonial Life Insurance Company (Trinidad) Limited (CLICO), British American Insurance Company Limited (BAICO), and CL Financial Group Limited (CL Financial). The Commission states that none of these entities are licensed to carry on financial services business in or from within the British Virgin Islands.

• Warning: CLICO, BAICO and CL Financial are not licensed to conduct financial services business in or from within the BVI.
• Public request: Members of the public are asked to urgently notify the Commission's Insurance Division if they have ever purchased any financial products (including insurance or investment type products) from, or transacted with, CLICO, BAICO or CL Financial.
• Contact: Contact details are provided for the Insurance Division's Acting Director and Deputy Director for anyone with relevant information.

The notice is informational and protective in nature, aimed at warning the public rather than imposing ongoing compliance duties on regulated entities.

Key obligations

• Members of the public who have purchased financial products or conducted transactions with CLICO, BAICO or CL Financial are invited to inform the Commission's Insurance Division as a matter of urgency.

Applies to

members of the public who may have transacted with CLICO, BAICO or CL Financial

Deadlines

• as a matter of urgency: Members of the public should notify the Commission's Insurance Division urgently if they have transacted with CLICO, BAICO or CL Financial