Public Statement 27 of 2023 - BVI BOAT INSURANCE (2023-10-18)

Summary

This is a public warning notice issued by the BVI Financial Services Commission (FSC) alerting the public that an entity trading as BVI BOAT INSURANCE is not licensed or regulated to carry on insurance business or insurance broker activity in or from the BVI. It is not a public statement of general regulatory requirements but a consumer protection alert about a specific unauthorised operator.

• Entity concerned: BVI BOAT INSURANCE, operating via the website https://www.bvi-boat-insurance.com/, purporting to offer boat insurance (motor yachts, sailing yachts, dinghies, catamarans, barges, houseboats, jet skis, etc) covering liability, collision and comprehensive risks.
• FSC finding: The entity is not registered as a BVI business company and has never been licensed or regulated by the FSC to conduct insurance business or insurance broker business in or from the BVI.
• Legal basis: The statement is issued under Section 37A of the Financial Services Commission Act, 2001.
• Public advice: Members of the public are advised to exercise extreme caution and avoid conducting any business with BVI BOAT INSURANCE, and to report any information on questionable entities or improper activities to the FSC.

The notice reminds the public that insurance business and insurance broker business are regulated activities that may only be carried on in or from the BVI by FSC-licensed entities. It does not impose new compliance obligations on licensed insurers or brokers, but serves as an enforcement-related public caution.

Applies to

insurance business, insurance broker business