Administrative Penalty $500.00 - StateTrust Life and Annuities Limited (2011-12-07)

Summary

This is a short enforcement notice published by the BVI Financial Services Commission recording an administrative penalty imposed on StateTrust Life and Annuities Limited, a licensed insurance captive. It is a completed enforcement action rather than a rule or policy document, and it does not impose new ongoing requirements on other entities.

• Penalty: A $500.00 administrative penalty was imposed on StateTrust Life and Annuities Limited.
• Breach: The penalty relates to a contravention of section 57(1) of the Insurance Act, 2008, for failing to submit audited financial statements to the Commission within the prescribed or approved period.
• Licence type: Insurance Captive.
• Reference: Matter ID INS1104/134.

The notice serves as a public record of a completed enforcement outcome and illustrates the Commission's expectation that insurers submit audited financial statements on time under section 57(1) of the Insurance Act, 2008.

Applies to

insurance companies, insurance captives