AMCA Insurance Reinsurance Co. Ltd. - Public Statement No. 11 of 2012 (2012-07-05)

Summary

This is a public statement issued by the BVI Financial Services Commission under Section 37A(1) of the Financial Services Commission Act, 2001, informing the public that AMCA Insurance & Reinsurance Company Ltd is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action. It is a factual notice rather than a document imposing new rules on the industry.

• Background: The Company was licensed by the FSC in 2005 to conduct insurance business from within the BVI.
• Administrative penalty: In August 2010 the FSC imposed a $4,000 administrative penalty on the Company for contravening section 22(1)(b) of the Insurance Act, 1994, by failing to submit audited financial statements within the prescribed period; the penalty remains unpaid.
• Struck off register: The Company was struck off the BVI company register on 3 November 2011 following the resignation of its registered agent.
• Licence revoked: The Company's insurance licence was revoked on 12 June 2012, and it is no longer licensed or regulated by the FSC.

The FSC states it will provide updates on further developments in this matter. The statement creates no compliance obligations for other regulated entities; it serves solely to warn the public, customers and creditors about the Company's unlicensed status and unresolved enforcement issue.

Applies to

insurance companies