Directive - AAUG Insurance Company Limited (2014-09-12)

Summary

This is an enforcement notice from the British Virgin Islands Financial Services Commission (FSC) announcing that a Directive was issued to AAUG Insurance Company Limited under section 40(1)(a) of the Financial Services Commission Act, 2001. It orders the company to immediately stop writing new insurance business.

• Directive issued to: AAUG Insurance Company Limited (Matter ID: BF101113/233)
• Legal basis: Section 40(1)(a) of the Financial Services Commission Act, 2001
• Effect: With immediate effect, the company must cease and desist from accepting or binding any new risk, or entering into any new contracts, for any class or type of insurance business

The notice is a public enforcement alert rather than a rule of general application; it applies specifically to AAUG Insurance Company Limited and does not impose new requirements on other insurers.

Key obligations

• AAUG Insurance Company Limited must, with immediate effect, cease and desist from accepting or binding any new risk for any class or type of insurance business
• AAUG Insurance Company Limited must, with immediate effect, cease and desist from entering into any new insurance contracts of any class or type

Applies to

insurance companies

Deadlines

• immediate effect: AAUG Insurance Company Limited must stop accepting/binding new risk and entering new insurance contracts immediately upon issuance of the Directive