Catal Insurance Company Limited - Public Statement No. 12 of 2012 (2012-07-05)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) notifying the public that Catal Insurance Company Limited is no longer licensed or regulated by the FSC. It was issued to protect the interests of the Company's customers and creditors following revocation of the Company's insurance licence.

• Background: Catal Insurance Company Limited was first licensed on 1 October 2003 to conduct general insurance business in the classes of Life, Property and Casualty, and to carry on reinsurance business that is not open market reinsurance, from within the BVI.
• Revocation: On 13 June 2012 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 contravened section 21(1) of the Insurance Act, 2008 by failing to obtain prior written FSC approval for share transfers on three occasions; section 19(3) by failing to notify the FSC of a director's resignation; and section 19(1) by failing to obtain prior written FSC approval for a director's appointment.
• Current status: The Company is now no longer licensed and regulated by the FSC; the Commission stated it would provide updates on further developments.

This statement is informational and does not impose any ongoing compliance obligations on third parties; it is issued pursuant to section 37A(1) of the Financial Services Commission Act, 2001 to alert the public and affected parties to the Company's changed regulatory status.

Applies to

insurance companies, customers and creditors of Catal Insurance Company Limited