Administrative Penalty $4,000.00 - State Mutual Insurance Co. Ltd (2011-06-29)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission announcing that it imposed an administrative penalty of $4,000.00 on State Mutual Insurance Co. Ltd, a licensed insurance captive. The action relates to a failure to submit audited financial statements within the required timeframe.

• 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 $4,000.00 imposed on the licensee.
• Licence type: Insurance Captive.
• Matter ID: INS0506/042.

This notice is a public record of a completed enforcement action against a named entity; it does not itself create new ongoing obligations for other regulated entities, 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