Administrative Penalty $2,500.00 - Great Oak Insurance Company Limited (2011-06-10)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a $2,500.00 administrative penalty on Great Oak Insurance Company Limited, a BVI-licensed insurance captive. The penalty was issued for a breach of section 57(1) of the Insurance Act, 2008, specifically for failing to submit audited financial statements to the Commission within the prescribed or approved period.

• Entity: Great Oak Insurance Company Limited, licensed as an Insurance Captive (Matter ID: INS0325/023)
• Breach: Contravention of section 57(1) of the Insurance Act, 2008, by failing to submit audited financial statements within the prescribed or approved period
• Penalty: Administrative penalty of $2,500.00 imposed by the Commission

The notice is a historical enforcement record rather than a rule of general application; it does not itself create new ongoing obligations beyond confirming the existing statutory duty under section 57(1) to file audited financial statements on time.

Key obligations

• Insurance licensees (including captives) must submit audited financial statements to the Commission within the prescribed or approved period as required by section 57(1) of the Insurance Act, 2008

Applies to

insurance companies, insurance captives