Hove Insurance Company Limited - Public Statement No. 2 of 2012 (5 June, 2012)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) warning the public that Hove Insurance Company Limited is no longer licensed or regulated by the FSC and remains subject to outstanding enforcement action. It is issued under section 37A(1) of the Financial Services Commission Act, 2001 to protect customers, creditors and the general public.

• Prior licensing: The Company was formerly licensed by the FSC to conduct insurance business from within the Territory.
• Unpaid penalty: In October 2010 the FSC imposed a $4,000.00 administrative penalty on the Company for contravening section 22(1)(b) of the Insurance Act, 1994 by failing to submit audited financial statements within the prescribed period; this penalty remains unpaid.
• Struck off register: The Company was struck off the BVI company register on 1 May, 2010 due to non-payment of fees.
• Licence expired: The Company's insurance licence expired on 31 December, 2009, and it is no longer licensed or regulated by the FSC.

The statement is purely informational and creates no new continuing obligations for third parties; it simply notifies the public of the Company's unlicensed status and outstanding enforcement matter, with the FSC noting it will update on further developments.

Applies to

insurance companies