Willow Grove Life Insurance Company - Advisory Warning No. 5 of 2010 (2010-08-11)

Summary

This is a public advisory issued by the British Virgin Islands Financial Services Commission (FSC) warning that Willow Grove Life Insurance Company Limited is no longer licensed under the Insurance Act, 1994 to carry on insurance business in or from within the British Virgin Islands. It was issued under Section 4(1) of the Financial Services Commission Act, 2001.

• Section 55: Failed to seek the Commission's prior approval to discontinue its business in the BVI.
• Section 73: Used a prescribed word in its company name without authorisation.
• Section 22(1)(a) and (b): Failed to submit annual reports to the Commission since 2005.
• Section 17: Failed to pay the annual licence fee since 2007.

The FSC advises members of the public to exercise extreme caution when dealing with Willow Grove Life Insurance Company Limited, as it is not licensed to conduct insurance business in or from the British Virgin Islands. The notice is informational and does not create ongoing obligations for regulated entities generally.

Applies to

insurance companies, members of the public dealing with Willow Grove Life Insurance Company Limited