Beverly Insurance Company Limited - Public Statement No. 6 of 2013 (2013-10-01)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) announcing that it has revoked the insurance licence of Beverly Insurance Company Limited. The statement is issued to protect the public interest and to inform customers, creditors and the general public that the Company is no longer licensed or regulated by the FSC.

• Background: The Company was licensed on 14 October 1998 to carry on general insurance business (Property and Liability classes); its last licence was issued 1 April 2010.
• Revocation: On 12 September 2013 the FSC revoked the Company's insurance licence under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds for revocation: The Company failed to appoint a new insurance manager after its manager resigned (section 23(1) Insurance Act 2008); failed to submit audited financial statements and a Director's certificate within six months of its 2010 and 2011 financial year ends (section 57(1) Insurance Act 2008); and failed to pay the required annual licence fees for 2011 and 2012 (section 2A(ii) Financial Services Fees (Amendment) Regulations, 2010).
• Effect: The Company is now no longer licensed and/or regulated by the FSC, and the FSC states it will update the public on further developments.

This notice is purely informational: it records a completed regulatory enforcement action rather than imposing new ongoing compliance obligations on other licensees.

Applies to

Beverly Insurance Company Limited, general insurance business licensees, customers and creditors of Beverly Insurance Company Limited