Administrative Penalty $1,000.00 - Alternative Protection Management Ltd. (2012-12-11)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording an administrative penalty imposed on Alternative Protection Management Ltd, an insurance captive licensee. The penalty was issued for failing to obtain the Commission's prior written approval before making dividend distributions, in breach of section 13(4) of the Insurance Act, 2008.

• Entity: Alternative Protection Management Ltd (Licence Type: Insurance Captive; Matter ID: BF0921/147)
• Breach: Contravention of section 13(4) of the Insurance Act, 2008, by making dividend distributions without first seeking the Commission's prior written approval
• Penalty: Administrative penalty of $1,000.00 imposed

This notice is informational, documenting a past enforcement action; it does not itself impose any new ongoing obligations on other entities, but it signals to insurance captives generally that dividend distributions require the Commission's prior written approval under section 13(4) of the Insurance Act, 2008.

Key obligations

• Insurance captive licensees must obtain the Commission's prior written approval before making any dividend distributions, per section 13(4) of the Insurance Act, 2008.

Applies to

insurance captives, insurance licensees