Administrative Penalty $2,500.00 - Caribbean Insurers Marine Limited (2013-09-26)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing a completed administrative penalty action against Caribbean Insurers Marine Limited. It records that the Commission fined the company for a specific breach of insurance licensing rules; it does not create new ongoing rules for the industry.

• Penalty: An administrative penalty of $2,500.00 was imposed on Caribbean Insurers Marine Limited.
• Breach: The company contravened section 46(1) of the Insurance Act, 2008 by acting as an insurance agent for an insurer not stated on its licence.
• Reference: The matter is recorded under Matter ID ENF092013/167 and listed under Industry Type: Insurance.

The notice is historical and informational, confirming that the penalty has already been applied; it does not itself impose any new continuing compliance obligation on other licensees, though it illustrates the Commission's enforcement of section 46(1) of the Insurance Act against agents operating outside the scope of their licensed insurer relationships.

Applies to

insurance agents, insurance companies