Alta Insurance Management Limited - Public Statement No. 4 of 2015 (14 April 2015)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) to inform the public, customers and creditors that Alta Insurance Management Limited is no longer licensed or regulated by the FSC. The Company was formerly licensed as an Insurance Manager, first licensed on 3 June 2005, with its last licence issued 20 December 2012.

• Revocation date: The FSC revoked the Company's insurance licence on 27 February 2015 under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Failure to file financials: The Company contravened sections 56(1) and 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements and a director's certificate for the years ended 31 December 2012 and 2013 by the statutory deadlines of 30 June 2013 and 30 June 2014 respectively.
• No designated representative: The Company contravened sections 47(1) and 47(2) of the Insurance Act, 2008 by failing to appoint and maintain a designated representative at all times.
• Unpaid licence fee: The Company contravened regulation 2A(ii) of the Financial Services Commission (Fees) (Amendment) Regulations, 2010 by failing to pay its annual licence fee by the due date of 30 April 2014.

The statement is issued under Section 37A(1) of the Financial Services Commission Act, 2001, and notes the FSC will provide updates on any further developments. It is purely informational and does not impose new ongoing obligations on other licensees.

Applies to

Insurance Managers, Insurers, insurance industry public and creditors of the Company