Trenton Line Slip - Advisory Notice - No.1 of 2004

Summary

This is a public warning notice issued by the British Virgin Islands Financial Services Commission in 2004 concerning Trenton Line Slip Administrators, LLC and Trenton Line Slip. It advises the public that these entities are not licensed to carry on insurance business in the BVI and are not incorporated or registered there, despite advertising materials suggesting they were transacting reinsurance business from an office in Road Town, Tortola.

• Not licensed: Trenton Line Slip Administrators, LLC and Trenton Line Slip are not licensed under the Insurance Act, 1994 to carry on insurance business in the BVI.
• Not incorporated or registered: Neither entity is incorporated or registered in the British Virgin Islands.
• Related licensed entity lapsed: A related subsidiary, Trenton Line Slip Reinsurance (BVI) Limited, previously held an insurance licence from 31 December 2000 but this was not renewed in 2003, and on 15 May 2003 it was told it could no longer carry on insurance business.
• Ongoing concern: The Commission holds advertising materials suggesting Trenton Line Slip continues to claim to transact reinsurance business from a Tortola office using a BVI corporate vehicle.
• Public advice: The public is urged to exercise extreme caution when dealing with these entities and to contact the Commission to verify the regulated status of any company claiming to be registered or authorised in the BVI.

This is a purely informational advisory notice rather than a rule imposing ongoing compliance obligations on regulated entities; it functions as a public warning about an unlicensed entity purporting to conduct insurance business.

Applies to

members of the public, insurance business entities