Administrative Penalty $4,000.00 - Crouch Services Ltd (2011-06-29)

Summary

This is a published enforcement notice from the BVI Financial Services Commission recording an administrative penalty imposed on Crouch Services Ltd, a licensed insurance captive. It is purely informational and records a completed enforcement action rather than imposing any new ongoing requirement.

• Penalty: $4,000.00 administrative penalty imposed on Crouch Services Ltd
• 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
• Licence Type: Insurance Captive
• Matter ID: INS0506/044

The notice itself does not create new obligations for other entities; it serves as a public record of the Commission taking action against a specific licensee for a filing failure. It underscores the general obligation on insurance licensees to submit audited financial statements within the timeframe prescribed under the Insurance Act, 2008.

Key obligations

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

Applies to

Insurance Captive, Insurance licensees