Great Oak Insurance Company Limited - Public Statement No. 9 of 2012 (5 July, 2012)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) concerning Great Oak Insurance Company Limited, a formerly licensed insurer. It is issued under Section 37A(1) of the Financial Services Commission Act, 2001 to warn the public and the company's customers and creditors that the company is no longer licensed or regulated and remains subject to outstanding enforcement action.

• Administrative penalty: In June 2011 the FSC imposed a $2,500 administrative penalty on the company for contravening section 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements within the required period; this penalty remains unpaid.
• Struck off register: The company was struck off the BVI company register on 1 May, 2012 due to non-payment of fees.
• Licence revoked: The company's insurance licence was revoked on 12 June, 2012, and it is no longer licensed or regulated by the FSC.
• Ongoing matter: The FSC states it will provide updates on any further developments regarding this matter.

Applies to

insurance companies