Administrative Penalty $5,000.00 - Stafford Insurance Ltd (2011-06-29)

Summary

This is an enforcement notice published by the BVI Financial Services Commission announcing that it imposed a $5,000.00 administrative penalty on Stafford Insurance Ltd, a licensed insurance captive. The penalty relates to a breach of the Insurance Act, 2008 concerning late filing of audited financial statements.

• Entity penalised: Stafford Insurance Ltd (Matter ID INS0506/042), holding an Insurance Captive licence
• Contravention: Section 57(1) of the Insurance Act, 2008, for failing to submit audited financial statements to the Commission within the prescribed or approved period
• Penalty: Administrative penalty of $5,000.00 imposed by the Commission

The notice is purely informational, disclosing a completed enforcement action; it does not itself create new ongoing obligations for other licensees, though it illustrates the Commission's enforcement of the statutory duty to file audited financial statements on time.

Key obligations

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

Applies to

insurance companies, insurance captives