Directive - Creque's Insurance Agency Limited (2012-08-17)

Summary

This is an enforcement action notice: an amended Directive issued by the BVI Financial Services Commission under section 40(1)(a) of the Financial Services Commission Act, 2001 to Creque's Insurance Agency Limited. It replaces and adds to an earlier Directive issued on 1 August 2012, setting new deadlines for transferring insurance policies placed through Creque's Insurance away from Gulf Insurance Limited.

• Property policies: On or before 31 August 2012, Creque's Insurance Agency Limited must transfer all Gulf Insurance Limited policies covering any type of Property issued or placed through it to another licensed insurer in the Virgin Islands.
• Non-Property policies (new paragraph 1A): On or before 30 September 2012, it must transfer all Gulf Insurance Limited Non-Property 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.

The notice also records that the Eastern Caribbean Supreme Court (High Court of the Virgin Islands) has issued an Order staying the transfer of policies required by this Directive, meaning enforcement of these transfer obligations was suspended pending that litigation.

Key obligations

• Transfer all Gulf Insurance Limited Property policies issued or placed through Creque's Insurance Agency Limited to another licensed insurer in the Virgin Islands on or before 31 August 2012
• Transfer all Gulf Insurance Limited Non-Property policies (Motor, Workmen's Compensation, Employer's Liability, Public Liability, Products Liability, Personal Accident, Marine) issued or placed through Creque's Insurance Agency Limited to another licensed insurer in the Virgin Islands on or before 30 September 2012

Applies to

insurance agency, licensed insurer

Deadlines

• 31 August 2012: Deadline to transfer all Gulf Insurance Limited Property policies placed through Creque's Insurance Agency Limited to another licensed insurer
• 30 September 2012: Deadline to transfer all Gulf Insurance Limited Non-Property policies placed through Creque's Insurance Agency Limited to another licensed insurer