Directive - Creque's Insurance Agency Limited (2012-06-09)

Summary

This is an enforcement Directive issued by the BVI Financial Services Commission against Creque's Insurance Agency Limited under section 40(1)(a) of the Financial Services Commission Act, 2001. It amends an earlier Directive dated 17 August 2012 by revoking and replacing paragraph 1A, which sets out a policy transfer requirement.

• Requirement: Creque's Insurance Agency Limited must transfer all Gulf Insurance Limited Non-Property insurance policies (including Motor, Workmen's Compensation, Employer's Liability, Public Liability, Products Liability, Personal Accident and Marine) issued or placed through it, to another licensed insurer in the Virgin Islands, on or before 31 October 2012.
• Court stay: A note in the document states that the Eastern Caribbean Supreme Court (High Court of the Virgin Islands) has issued an Order staying the transfer of policies required by the Directive, meaning the transfer obligation was suspended pending further court action.

This is a targeted enforcement action against a single named insurance agency rather than a general industry rule; it does not impose obligations on other regulated entities beyond identifying the licensed insurer to which policies would be transferred.

Key obligations

• Creque's Insurance Agency Limited must transfer all Gulf Insurance Limited Non-Property insurance policies (Motor, Workmen's Compensation, Employer's Liability, Public Liability, Products Liability, Personal Accident and Marine) to another licensed insurer in the Virgin Islands on or before 31 October 2012, subject to a court-ordered stay on that transfer.

Applies to

insurance agency, licensed insurers

Deadlines

• 31 October 2012: Deadline by which Creque's Insurance Agency Limited was directed to transfer all Gulf Insurance Limited Non-Property insurance policies to another licensed insurer in the Virgin Islands (subsequently stayed by court order).