Form C - Professional Advisors

Summary

Form C is a notification form used by a professional advisor (such as an auditor, accountant, law firm, or bank) that has agreed to act for a BVI insurance company. It is submitted to the Director of Insurance at the BVI Financial Services Commission to confirm the advisor's appointment and to give a standing undertaking to report certain events concerning the insurer.

• Who submits it: The firm, partnership, company or bank that has been asked to act as a professional advisor to a named BVI insurance company and has consented to do so.
• What it confirms: That the advisor has consented to act in a specified capacity (position to be stated) for the named insurance company.
• Ongoing undertaking: The advisor undertakes to immediately inform the Director of Insurance if the organisation ceases to trade, files for bankruptcy, is given notice that its services are no longer required, or becomes dissatisfied with the conduct of the insurer such that its professional standing may be compromised or it must qualify reports or filings concerning the insurer.

The form itself does not state a submission deadline; it is a one-page notification to be completed on the advisor's letterhead and sent to the Director of Insurance.

Key obligations

• The professional advisor must immediately inform the Director of Insurance if the insurance company files for bankruptcy or ceases to trade
• The professional advisor must immediately inform the Director of Insurance if the insurance company gives notice that the advisor's services are no longer required, or if the advisor gives notice it will cease to act
• The professional advisor must immediately inform the Director of Insurance if it becomes dissatisfied with the conduct of the insurance company, feels its professional standing may be compromised, or needs to qualify any reports or filings concerning the company

Applies to

insurance companies, professional advisors (auditors, accountants, law firms, banks acting in an advisory capacity)