Administrative Penalty $3,000.00 - IAI Underwriting Ltd (2011-09-19)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording an administrative penalty against IAI Underwriting Ltd, a licensed insurance captive. It is a historical record of a completed enforcement action rather than a document imposing new ongoing obligations on other entities.

• Penalty: A $3,000.00 administrative penalty was imposed on IAI Underwriting Ltd
• Breach: The penalty was for contravention of section 57(1) of the Insurance Act, 2008, by failing to submit audited financial statements to the Commission within the prescribed or approved period
• Licence type: Insurance Captive
• Reference: Matter ID INS0506/042

The notice serves as a public record of the Commission's enforcement action and does not itself create new compliance requirements for other licensees, though it illustrates the Commission's enforcement of the audited financial statement filing requirement under section 57(1) of the Insurance Act, 2008.

Applies to

insurance companies, insurance captives