Administrative Penalty $1,000.00 - Crater Assurance Ltd. (2013-11-12)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed an administrative penalty of $1,000.00 on Crater Assurance Ltd. The penalty relates to a specific breach of the Insurance Act, 2008, rather than any new rule or policy change.

• Contravention: Crater Assurance Ltd. failed to submit its 2012 Audited Financial Statements by the prescribed deadline, in breach of section 57(1) of the Insurance Act, 2008.
• Penalty imposed: An administrative penalty of $1,000.00 was levied against the company.
• Reference: The matter is recorded under Matter ID BF101113/180.

This notice is purely informational, recording a past enforcement action against a named insurer. It does not create new ongoing obligations for other regulated entities, though it serves as a reminder that insurers must meet statutory audited financial statement filing deadlines under the Insurance Act, 2008.

Key obligations

• Insurers must submit their Audited Financial Statements by the deadline prescribed under section 57(1) of the Insurance Act, 2008.

Applies to

insurers, insurance companies