Administrative Penalty $1,520.00 - Eagle Protection Insurance Company Limited (2016-11-21)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on Eagle Protection Insurance Company Limited. It is a historical record of a completed enforcement action rather than a rule or guidance document, and it does not itself create new ongoing obligations.

• Penalty: An administrative penalty of $1,520.00 was imposed on Eagle Protection Insurance Company Limited.
• Breach: The company contravened section 57(1) of the Insurance Act, 2008 by failing to submit financial statements signed by a director as required under section 56 of the Act.
• Timing of breach: The financial statements were not submitted within six months after the company's financial year end of 31 December 2004.
• Reference: The matter is recorded under Matter ID BF101113/326.

The notice illustrates the Commission's enforcement of the statutory requirement for BVI-licensed insurers to file director-signed financial statements within six months of financial year end, and serves as a public record rather than imposing new duties on other entities.

Key obligations

• Licensed insurers must submit financial statements signed by a director within six months after their financial year end, in accordance with sections 56 and 57(1) of the Insurance Act, 2008.

Applies to

insurance companies licensed under the Insurance Act, 2008

Deadlines

• within six months after financial year end: Statutory deadline under section 56/57(1) of the Insurance Act, 2008 for insurers to submit director-signed financial statements, the breach of which led to this penalty (financial year end 31 December 2004 in this case).