Crouch Services Ltd. - Public Statement No. 10 of 2012 (2012-07-05)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) to inform the public that Crouch Services Ltd, a company formerly licensed to conduct insurance business in the BVI, is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action.

• Prior licensing: The Company was formerly licensed by the FSC to conduct insurance business from within the Territory.
• Unpaid penalty: In June 2011 the FSC imposed a $4,000.00 administrative penalty on the Company for contravening section 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements within the prescribed period; this penalty was never paid.
• Struck off register: The Company was struck off the BVI company register on 1 May 2012 for non payment of fees.
• Licence revoked: The Company's licence was revoked on 12 June 2012, and it is no longer licensed or regulated by the FSC.

The statement is issued under Section 37A(1) of the Financial Services Commission Act, 2001 to protect the public and the Company's customers and creditors; the FSC states it will provide updates on further developments but the notice itself does not impose new ongoing obligations on other regulated entities.