Greater Tri-State Casualty Company Limited - Public Statement No. 18 of 2012 (2012-10-23)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) warning that Greater Tri-State Casualty Company Limited is no longer licensed or regulated by the FSC and may be carrying on unauthorised financial services business. It is intended to protect the public, customers and creditors of the Company by alerting them to its unlicensed status.

• Background: The Company was licensed on 2 April 1993 as a general insurer to write Mechanical Warranty insurance from within the BVI.
• Licence lapse: Its licence expired on 31 March 2010 and was never renewed or replaced under the Insurance Act, 2008.
• Current status: The Company is no longer licensed or regulated by the FSC and could be carrying on unauthorised financial services business.
• Legal basis: The statement is issued pursuant to Section 37A(1) of the Financial Services Commission Act, 2001.

The FSC states it will provide updates on any further developments regarding this matter. The statement is informational and warns the public rather than imposing new compliance requirements on regulated entities.

Applies to

general insurers, insurance business licensees