Public Statement: AAUG Insurance Co Ltd. (2018-08-17)

Summary

This is a public statement issued by the BVI Financial Services Commission announcing the liquidation, dissolution and licence revocation of AAUG Insurance Co Ltd., a BVI-incorporated general (property and casualty) insurance licensee. It is a historical enforcement notice rather than a document imposing ongoing compliance requirements on the wider industry.

• Background: AAUG Insurance Co Ltd. was incorporated in the BVI on 12 December 2005 and licensed to carry on general (now property and casualty) insurance business.
• Enforcement action: On 30 November 2015 the FSC applied to the Court under section 162(1) of the Insolvency Act, 2003 for appointment of joint liquidators, after being satisfied grounds for enforcement existed.
• Grounds: The FSC cited breaches of financial services legislation and conduct of business in a manner detrimental to the public interest or to clients, creditors or investors.
• Outcome: The Court found the company insolvent and appointed joint liquidators (Christopher John Wilkinson Hill, later succeeded by Roy Bailey, and Keiran Hutchinson of Ernst and Young).
• Dissolution: The liquidators issued a final report to creditors and the sole member on 15 June 2018, and the company was struck off the BVI Register of Companies and dissolved on 18 June 2018.
• Licence revocation: On 13 July 2018 the FSC revoked the company's licence to carry on general (property and casualty) insurance business.
• Publication basis: The statement is issued under Section 37A(2)(c) of the Financial Services Commission Act, 2001.

The statement is purely informational, confirming completed enforcement and insolvency actions against a named entity; it does not create new obligations for other licensees.

Applies to

insurance companies, general insurance licensees