Moorgate Insurance Company Limited - Public Statement No. 3 of 2013 (2013-05-07)

Summary

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

• Background: The Company was licensed on 7 December 2005 to carry on general insurance business (Classes 2 Property and 3 Liability) that is not domestic business, and reinsurance business that is not open market reinsurance, from within the Virgin Islands.
• Revocation: On 24 April 2013 the FSC revoked the licence under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds - insurance manager: Failure to appoint a new insurance manager after its manager resigned and failure to notify the Commission of the resignation, contrary to sections 23(1) and 23(5) of the Insurance Act, 2008.
• Grounds - financial statements: Failure to prepare and submit audited financial statements and a director's certificate to the Commission within six months of financial years ended 2009, 2010 and 2011, contrary to section 57(1) of the Insurance Act, 2008.
• Grounds - fees: Failure to pay the required annual licence fee for 2011 and 2012, contrary to section 2A(ii) of the Financial Services Fees (Amendment) Regulations, 2010.

The FSC states it will provide updates on any further developments in this matter. The statement was issued under section 37A(1) of the Financial Services Commission Act, 2001.

Applies to

insurance companies, general public, customers and creditors of the Company (as intended readers)