Administrative Penalty $2,500.00 - Caribbean Insurers (Health) Limited (2011-12-09)

Summary

This is a notice published by the BVI Financial Services Commission announcing an administrative penalty imposed on Caribbean Insurers (Health) Limited. It records a completed enforcement action rather than creating any new ongoing rule.

• Penalty: A $2,500.00 administrative penalty was imposed on Caribbean Insurers (Health) Limited.
• Basis: The company contravened section 46(1) of the Insurance Act, 2008 by adding a licensed insurer to its licence without first obtaining the Commission's prior written approval, and by conducting business with that insurer.
• Reference: The matter is recorded under Matter ID INS1201/148.

The notice is informational, documenting a past enforcement outcome; it does not itself impose new continuing requirements on other entities, though it illustrates the Commission's expectation that insurers obtain prior written approval before adding a licensed insurer to their licence, as required under section 46(1) of the Insurance Act, 2008.

Key obligations

• Insurers must obtain the Commission's prior written approval before adding a licensed insurer to their licence, as required under section 46(1) of the Insurance Act, 2008

Applies to

insurers, licensed insurers