Administrative Penalty $4,000.00 - Caribbean Reinsurance Company Ltd (2011-06-14)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing an administrative penalty against Caribbean Reinsurance Company Ltd, an insurance captive licensee. It is a historical record of a specific enforcement action rather than a rule imposing ongoing obligations on the wider industry.

• Penalty: A $4,000.00 administrative penalty was imposed on Caribbean Reinsurance Company Ltd.
• Breach: The company contravened section 57 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.
• Matter ID: INS0506/042.

The notice serves as a public record of the enforcement outcome and does not itself create new continuing requirements beyond the existing statutory duty (already in force under section 57) to file audited financial statements on time.

Key obligations

• Insurance companies, including captives, must submit audited financial statements to the Commission within the prescribed or approved period under section 57 of the Insurance Act, 2008.

Applies to

insurance companies, insurance captives