IAI Underwriting Ltd. - Public Statement No. 8 of 2012 (2012-07-05)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) to inform the public that IAI Underwriting Ltd, a formerly FSC-licensed insurance business, is no longer licensed or regulated and remains subject to unresolved enforcement action. It is purely informational and does not impose new obligations on other regulated entities.

• Background: IAI Underwriting Ltd was formerly licensed by the FSC to conduct insurance business in the BVI.
• Penalties: In September 2011, the FSC imposed two administrative penalties of $5,000.00 and $3,000.00 on the Company for contravening section 57(1) of the Insurance Act, 2008, by failing to submit audited financial statements within the prescribed period for two consecutive years.
• Non-payment: These administrative penalties were not paid by the Company.
• Licence revocation: The Company's licence was revoked on 12 June, 2012, and it is no longer licensed or regulated by the FSC.
• Legal basis: The statement was issued pursuant to Section 37A(1) of the Financial Services Commission Act, 2001, to protect the public interest and the interests of the Company's customers and creditors.

The FSC notes it will provide updates on any further developments regarding this matter. No further action is required from third parties as a result of this statement.

Applies to

insurance companies