Investors Reinsurance Limited - Public Statement No. 13 of 2012 (2012-07-05)

Summary

This is a public statement issued by the BVI Financial Services Commission (FSC) announcing that it has revoked the insurance licence of Investors Reinsurance Limited. The notice is purely informational, alerting the public, customers and creditors that the Company is no longer licensed or regulated by the FSC.

• Background: The Company was licensed on 11 October 2005 to conduct general insurance business in the class of Extended Structural Warranty Reinsurance.
• Revocation: On 13 June 2012 the FSC revoked the licence under section 37(1)(a)(i) of the Financial Services Commission Act, 2001, on the ground that the Company contravened section 57(1) of the Insurance Act, 2008 by failing to submit audited financial statements within the prescribed or approved period.
• Current status: The Company is no longer licensed or regulated by the FSC; the FSC states it will provide updates on further developments.
• Authority: The statement is issued pursuant to Section 37A(1) of the Financial Services Commission Act, 2001.

Applies to

insurance licensees, general insurance business (Extended Structural Warranty Reinsurance)