Cease and Desist Order - Sovereign International Worldwide Limited (2013-08-27)

Summary

This is an enforcement notice from the BVI Financial Services Commission publishing a cease and desist order issued against Sovereign International Worldwide Limited. The order requires the company to immediately stop conducting insurance intermediary business in or from the BVI and to prove to the Commission that it has done so.

• Legal basis: Issued under section 37(2A)(a) of the Financial Services Commission Act, 2001
• Action ordered: Cease and desist carrying on all insurance intermediary business in or from within the Territory, with immediate effect
• Follow up required: Provide the Commission with evidence that insurance intermediary business activities have ceased
• Reference: Matter ID ENF082313/142

Key obligations

• Sovereign International Worldwide Limited must immediately cease carrying on all insurance intermediary business in or from within the BVI
• Sovereign International Worldwide Limited must provide the Commission with evidence that it has ceased such insurance intermediary business activities

Applies to

insurance intermediary, Sovereign International Worldwide Limited

Deadlines

• immediate effect: Cease and desist from carrying on insurance intermediary business takes effect immediately