Cease and Desist Order - Granite Global Insurance Company Limited (2013-12-03)

Summary

This is a public enforcement notice from the BVI Financial Services Commission recording that a cease and desist order was issued to Granite Global Insurance Company Limited. The order was made under section 37(2A)(a) of the Financial Services Commission Act, 2001 and directs the company to stop all insurance business conducted in or from the British Virgin Islands.

• Immediate cessation: Granite Global Insurance Company Limited must cease and desist carrying on all insurance business in or from within the Territory with immediate effect.
• Evidence of compliance: The company must provide the Commission with evidence that it has ceased the relevant business activities.
• Reference: The matter is recorded under Matter ID INS1221/224 and is published as an Enforcement Action in the Commission's Alerts library.

The notice is purely informational for the public record; it does not create ongoing obligations for other insurers, but signals the Commission's enforcement stance against unauthorised or non-compliant insurance business.

Key obligations

• Granite Global Insurance Company Limited must cease and desist carrying on all insurance business in or from within the British Virgin Islands with immediate effect.
• Granite Global Insurance Company Limited must provide the Commission with evidence that it has ceased the relevant business activities.

Applies to

Insurance companies, Granite Global Insurance Company Limited

Deadlines

• immediate effect: Cease and desist from carrying on all insurance business in or from within the Territory