Patriarch Insurance Company Limited - Public Statement No. 4 of 2014 (5 November 2014)

Summary

This is a public statement issued by the British Virgin Islands Financial Services Commission (FSC) announcing that it has revoked the general insurance licence of Patriarch Insurance Company Limited. The statement is intended to inform the public, customers and creditors that the Company is no longer licensed or regulated by the FSC.

• Licence history: The Company was originally licensed on 28 December 2004 to carry on general insurance business in the classes of Liability and Financial Loss Insurance; its last licence was issued on 1 October 2013.
• Revocation: On 17 September 2014 the FSC revoked the Company's insurance licence under section 37(1)(a)(i) of the Financial Services Commission Act, 2001.
• Grounds for revocation: The Company failed to appoint and maintain an insurance manager (Insurance Act 2008, s.23(1) and (5)); failed to submit audited financial statements and directors' certificates for financial years 2012 and 2013 by their extended and statutory deadlines; and failed to pay its required annual licence fee for 2014 (Financial Services Commission (Fees) (Amendment) Regulations, 2010, s.2A(ii)).

The FSC states it will provide updates on any further developments and has issued the statement under section 37A(1) of the Financial Services Commission Act, 2001. The notice does not create ongoing obligations for other licensees; it is purely informational, alerting the public that this specific company is no longer authorised.

Applies to

insurance companies, general insurance licensees