Administrative Penalty $1,750.00 - Regency Health Ltd. (2015-07-23)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty imposed on Regency Health Ltd., a licensed insurance entity, for a breach of the Insurance Act, 2008. It is purely informational and records a completed enforcement action rather than creating ongoing obligations for other entities.

• Penalty: An administrative penalty of $1,750.00 was imposed on Regency Health Ltd.
• Breach: Contravention of section 57(1) of the Insurance Act, 2008, for failing to submit audited financial statements and a directors' certificate for the financial year ended 31 December 2013 by the extended deadline of 30 September 2014.
• Reference: Matter ID BF101113/262.

The notice serves as a public record of the Commission's enforcement action and does not itself impose new requirements on other licensees, though it illustrates the Commission's expectation that insurers meet statutory financial reporting deadlines.

Applies to

insurance companies, insurers licensed under the Insurance Act, 2008

Deadlines

• 30th September 2014: Extended deadline by which Regency Health Ltd. was required to submit its audited financial statements and directors' certificate for the financial year ended 31 December 2013, the missing of which resulted in the penalty.