American Great Lakes Insurance Company Limited - Public Statement No. 4 of 2011 (2011-09-19)

Summary

This is a Public Statement issued by the BVI Financial Services Commission (FSC) on 19 September 2011, notifying the public that American Great Lakes Insurance Company Ltd. is no longer licensed or regulated by the FSC and remains subject to unpaid enforcement penalties. It is issued under Section 37A(4) of the Financial Services Commission Act, 2001, to protect the public interest and inform customers and creditors of the company's status.

• Prior licence: The company was licensed to conduct general insurance business from within the Territory from 10 February 2001, but the licence expired on 31 December 2009.
• Unpaid administrative penalties: In December 2009 the Commission imposed penalties of $5,000 and $2,000 for failing to submit audited financial statements within three months of the end of the 2007 and 2008 financial years, contrary to Section 22(1)(b) of the Insurance Act, 1994; these remain unpaid.
• Unpaid late payment penalties: In November 2010 the Commission imposed further late payment penalties of $5,000 and $2,600 for being 217 days late in paying the original administrative penalties; these also remain unpaid.
• Struck off register: The company was struck off the Company Register maintained by the Registry of Corporate Affairs on 1 May 2011 for non-payment of registration fees.

The FSC states it will provide updates on any further developments. This notice is informational and directed at the public and any remaining customers or creditors of the company rather than imposing new ongoing compliance duties on regulated entities generally.

Applies to

insurance companies