Castlegate Insurance Company, Ltd. - Public Statement No. 7 of 2014 (2014-11-05)

Summary

This is a Public Statement issued by the BVI Financial Services Commission announcing that it has revoked the general insurance licence of Castlegate Insurance Company, Ltd. and that the Company is no longer licensed or regulated by the FSC. It is issued to protect the public interest and inform customers, creditors and the general public of the Company's status.

• Licence history: Castlegate was first licensed on 11 November 2004 to carry on general insurance business in Property, Liability and Financial Loss classes; its last licence was issued on 1 May 2012.
• Revocation: The FSC revoked the Company's insurance licence on 16 September 2014 under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds cited: Contravention of section 21(3) of the Insurance Act, 2008 (transferring shares without the Commission's prior written approval); sections 23(1) and 23(6) of the Insurance Act, 2008 (failing to appoint and maintain an insurance manager); and section 184 of the BVI Business Companies Act, 2004 (failing to undergo discontinuation from the Virgin Islands).
• Legal basis for statement: The Public Statement itself is issued pursuant to section 37A(1) of the Financial Services Commission Act, 2001.

The statement is purely informational, notifying the public that Castlegate is no longer licensed or regulated; the FSC indicates it will provide updates on further developments but does not impose any ongoing obligations on other regulated entities.

Applies to

insurance companies, general insurance licensees