Administrative Penalty $5,000.00 - IAI Underwriting Ltd (2011-09-19)

Summary

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

• Penalty: An administrative penalty of $5,000.00 was imposed on IAI Underwriting Ltd.
• Breach: The company contravened 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.
• Matter ID: INS0506/042.

The notice serves as a public disclosure of the Commission's enforcement action and does not itself create new compliance requirements for other regulated entities, though it underscores the existing statutory duty to file audited financial statements on time.

Key obligations

• Insurance licensees must submit audited financial statements to the Commission within the prescribed or approved period, as required by section 57(1) of the Insurance Act, 2008.

Applies to

Insurance (Insurance Captive licensee)