Administrative Penalty $6,000.00 - Vessia Insurance Company Limited (2011-06-29)

Summary

This is a published enforcement notice from the BVI Financial Services Commission announcing an administrative penalty against Vessia Insurance Company Limited, a licensed insurance captive. It is purely a record of a past enforcement action, not a new rule or ongoing requirement.

• Penalty: $6,000.00 administrative penalty imposed on Vessia Insurance Company Limited
• Breach: 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
• Matter reference: INS0506/042

The notice serves as a public record and general deterrent; it does not itself impose new obligations on other licensees beyond the existing statutory requirement to file audited financial statements on time under the Insurance Act, 2008.

Applies to

insurance companies, insurance captives