Source One Insurance Ltd. - Advisory Warning No. 1 of 2009

Summary

This is a public advisory issued by the British Virgin Islands Financial Services Commission warning that Source One Insurance Ltd. is not licensed to carry on insurance business in or from within the BVI. Its licence under the Insurance Act, 1994 expired on 31 December 2007 and was never renewed, yet the company has purportedly continued operating in another jurisdiction without complying with BVI requirements.

• Licence status: Source One Insurance Ltd.'s insurance licence expired 31 December 2007 and has not been renewed.
• Unauthorised activity: The company has purported to continue operations in another jurisdiction without complying with BVI legal requirements.
• Public caution: Members of the public are advised to exercise extreme caution when conducting any transactions with Source One Insurance Ltd.

This is a public warning notice rather than a rule or regulatory requirement, so it does not impose compliance obligations on regulated entities; it is intended to inform the public and industry to avoid dealing with an unlicensed insurer.

Applies to

general public, insurance consumers