Administrative Penalty $7,500.00 - AAUG Insurance Co. Ltd. (2013-09-12)

Summary

This is a published enforcement notice from the BVI Financial Services Commission announcing an administrative penalty of $7,500.00 imposed on AAUG Insurance Co. Ltd. It is purely informational, recording a past enforcement outcome rather than creating any ongoing regulatory requirement for other entities.

• Breach found: Contravention of section 57(1) of the Insurance Act, 2008, for failing to submit Audited Financial Statements for 2010 and 2011 by the prescribed deadlines.
• Penalty imposed: Administrative penalty of $7,500.00 imposed on AAUG Insurance Co. Ltd.
• Reference: Matter ID BF101113/179.

The notice serves as a public record of the Commission's enforcement action and does not itself impose new obligations on other regulated entities beyond restating the existing statutory requirement to file audited financial statements on time under the Insurance Act, 2008.

Key obligations

• Insurers must submit their Audited Financial Statements to the Commission by the prescribed deadlines under section 57(1) of the Insurance Act, 2008.

Applies to

insurance companies