Administrative Penalty $5,000.00 - Victory Life & Pension Assurance Company Limited (2011-06-29)

Summary

This is an enforcement notice published by the British Virgin Islands Financial Services Commission (BVI FSC) announcing that it imposed an administrative penalty of $5,000.00 on Victory Life & Pension Assurance Company Limited, a licensed Insurance Captive. The penalty was for contravening section 57(1) of the Insurance Act, 2008, by failing to submit audited financial statements to the Commission within the prescribed or approved period.

• Entity penalised: Victory Life & Pension Assurance Company Limited (Licence Type: Insurance Captive)
• Contravention: Failure to submit audited financial statements within the prescribed or approved period, contrary to section 57(1) of the Insurance Act, 2008
• Penalty amount: $5,000.00 administrative penalty
• Matter reference: Matter ID INS0506/042

This is a historical enforcement record rather than a rule of general application; it does not itself create new ongoing obligations for other licensees, but it illustrates the Commission's enforcement of the statutory requirement that insurers submit audited financial statements on time.

Key obligations

• Insurers licensed under the Insurance Act, 2008, including insurance captives, 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 companies, Insurance Captives