Administrative Penalty $3,000.00 - Stafford Insurance Ltd (2011-06-29)

Summary

This is an enforcement notice published by the BVI Financial Services Commission recording that it imposed an administrative penalty of $3,000.00 on Stafford Insurance Ltd, a licensed insurance captive.

• Contravention: Failure to submit audited financial statements to the Commission within the prescribed or approved period, in breach of section 57(1) of the Insurance Act, 2008.
• Penalty: Administrative penalty of $3,000.00 imposed on Stafford Insurance Ltd.
• Licence type: Insurance Captive (Matter ID INS0506/042).

The notice is a record of a past enforcement action rather than a rule change; it does not itself create new ongoing obligations, but it illustrates the Commission's expectation that insurers file audited financial statements on time under section 57(1) of the Insurance Act, 2008.

Applies to

insurance companies, insurance captives