Armatura Insurance Company Limited - Public Statement No. 2 of 2015 (14 April 2015)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission announcing that Armatura Insurance Company Limited's insurance licence has been revoked and that the company is no longer licensed or regulated by the FSC. It is published to protect the public interest and inform customers, creditors and the general public of the company's status.

• Background: The company was licensed to carry on general insurance business in the classes of Liability and Financial Loss Insurance, initially licensed on 31 December 2004, with its last licence issued 30 December 2011.
• Revocation date: The FSC revoked the company's insurance licence on 24 February 2015 under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds for revocation: The company failed to appoint and maintain an insurance manager and failed to notify the FSC of its insurance manager's resignation (Insurance Act 2008, sections 23(1) and 23(5)); failed to submit audited financial statements and a director's certificate within six months of its 2012 and 2013 financial year ends (sections 56(1) and 57(1)); and failed to pay required annual licence fees for 2013 and 2014 (Financial Services Commission (Fees) (Amendment) Regulations, 2010, section 2A(ii)).
• Current status: The company is confirmed as no longer licensed or regulated by the FSC, and the FSC states it will provide updates on any further developments.

The statement is issued pursuant to section 37A(1) of the Financial Services Commission Act, 2001 and is purely informational in nature, serving as a public notice rather than imposing new ongoing obligations on industry participants.

Applies to

insurance companies