Bayswater Insurance Company Limited - Public Statement No. 3 of 2015 (14 April 2015)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) notifying the public that Bayswater Insurance Company Limited is no longer licensed or regulated by the FSC. The FSC revoked the company's insurance licence on 27 February 2015 due to statutory breaches, and the statement is issued to protect customers, creditors and the general public.

• Background: The Company was licensed to carry on general insurance business in the classes of Liability and Financial Loss Insurance, initially licensed on 30 December 2005, with its last licence issued on 3 January 2013.
• Grounds for revocation: The FSC revoked the licence under section 37(1)(a)(i) of the Financial Services Commission Act, 2001, citing the Company's failure to appoint and maintain an insurance manager and failure to notify the Commission of the manager's resignation, contrary to sections 23(1) and 23(5) of the Insurance Act, 2008 (an offence under section 23(7)).
• Fee default: The Company also failed to pay its required annual licence fee for 2014, contrary to section 2A(ii) of the Financial Services Commission Fees (Amendment) Regulations, 2010.
• Current status: The Company is now no longer licensed and/or regulated by the FSC, and the FSC states it will provide updates on any further developments.

This statement is purely informational, issued under section 37A(1) of the Financial Services Commission Act, 2001, and does not impose any new continuing obligations on other regulated entities or the public.

Applies to

insurance companies, insurance licensees