Eleuthera Insurance Limited - Public Statement

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) notifying the public that Eleuthera Insurance Limited is no longer licensed or regulated by the FSC. It is purely informational, intended to protect customers, creditors and the public interest, and does not impose ongoing obligations on other entities.

• Licence history: The Company was licensed on 15 September 2010 to carry on general insurance business in the class of medical malpractice liability, with its last licence issued on 30 December 2010.
• Revocation: The FSC revoked the Company's insurance licence on 12 April 2017 under section 37(1)(a)(i) of the FSC Act, 2001.
• Grounds for revocation: The Company transferred part of its business to another entity without prior written FSC approval (section 33, Insurance Act 2008); failed to submit audited financial statements and a director's certificate within 6 months of the end of the 2014 and 2015 financial years (section 57(1), Insurance Act 2008); and failed to pay its 2016 annual licence fee by the due date of 30 April 2016 (Regulation 2A(ii), FSC Fees (Amendment) Regulations 2010).
• Current status: The Company is no longer licensed and/or regulated by the FSC; the statement was issued pursuant to section 37A(1) of the FSC Act.

The FSC notes it will provide updates on any further developments concerning the Company.

Applies to

insurance companies, general insurance licensees